The US Senate is going to approve a massive $2 trillion economic stimulus package and investors are closely observing whether the Senate can actually pass the economic package.
Coronavirus is widely affecting the market and the Senate decision will determine how interested the government is to control the economy. The relief package may provide some support to striving organizations and individuals.
Senate Decision Can Help Bitcoin
In the past couple of weeks, the crypto market has been moving down as major cryptocurrencies fell by 40%. However, an emergency relief package could have a positive impact on Bitcoin.
During the crypto market recession, the number of Bitcoin holders actually increased. The growth appears in accounts carrying 1 or more BTC. So with a limited supply of BTC, even a small portion of the $2 trillion can hike the price of Bitcoin.
According to Changpeng Zhao:
“As we get used to talking about Trillions, a modest $2 trillion market cap of#bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right?”
However, memes immediately appeared after Zhao’s tweet about $100,000 BTC. Anyhow if Bitcoin follows the prediction of Zhao most Altcoins will follow Bitcoin’s direction.