Trump Calls For Bigger Stimulus, Bitcoin Shoots Higher

Trump calls for bigger stimulus than the democrats so bitcoin is using this climate and gaining steam as we can see in our bitcoin news today.

The reports indicated that President Trump calls for bigger stimulus larger than the one suggested by the House Speaker Pelosi. The details on the latest developments are scant so analysts think that this will only go to Bitcoin’s advantage. There’s only 21 million Bitcoin that will be mined in theory while there’s an infinite number of fiat dollars. Bitcoin managed to bounce after the drop late last week on the OKEx news and the founder getting arrested. What is extremely important to this recovery could be the news that the crypto’s scarcity will be highlighted as the US politicians are moving towards another stimulus deal.

PRESIDENT TRUMP SAID HE WANT A BIGGER STIMULUS DEAL THAN PELOSI'S PLAN

— First Squawk (@FirstSquawk) October 19, 2020

According to the financial news outlet First Squawk, President Trump wants the politicians to agree on a bigger stimulus deal than the one Pelosi pushed for. The details on this latest developments were scant as Bloomberg wrote on the matter:

 “Treasury Secretary Steven Mnuchin told House Speaker Nancy Pelosi Thursday that President Donald Trump would personally lobby to get reluctant Senate Republicans behind any stimulus deal they reach. Trump said he’s willing to go beyond the $1.8 trillion offer for a virus relief plan that’s already been offered by the administration, but Senate Majority Leader Mitch McConnell rejected that, saying GOP lawmakers won’t go along.”

Many think that these discussions for more stimulus are going to boost bitcoin higher. The number one cryptocurrency thrives when fiat money is debased but there’s only 21 million BTC that will ever be mined. The macro trends could drive the coin higher as Vinny Lingham a chief of Civic commented:

 “I haven’t been this bullish on #Bitcoin since 2016. Macro events are teeing us up for another bull run. BTC could go 3-5X in the next 12 months, but if it goes 5X+, we’re back to bubble zone. Key indicator is BTC dominance – if it drops below 35% during the run, caveat emptor.”

Most of the analysts in the space are looking for a continued monetary stimulus and fiat debasement as the crucial drivers for Bitcoin’s growth is ahead of us.