Might be time to check your bitcoin holdings, chances are that it is worth significantly more now. Bitcoin has been on a steady increase lately due to number of positive factors that have contributed to its rise. Large institutions have been purchasing significant amounts of Bitcoin as a hedge against the future threat of rampant inflation as a result of the enormous amounts of fiscal stimulus the Federal Reserve has injected into the market. Venmo recently announced it will be allowing the purchase of Bitcoin through its app. Paypal who owns Venmo has also stated that it will support three cryptocurrencies in its native wallet beginning early next year. These tailwinds have propelled Bitcoin from a price around $10000 a coin to $12700 a coin in a little over a month.
If the US Government agrees to another round of fiscal stimulus to help bolster the fragile American economy then the chances of Bitcoin going higher are almost guaranteed. Democrats and Republicans remain in an impasse but it seems a deal might be brokered before the Presidential election in November.
Rumors have been swirling around the internet that the SEC is considering allowing a Bitcoin ETF to come into fruition. This has been the holy grail of Bitcoin investors for a massive price pump as it will allow an easy onramp for new investors to buy Bitcoin on the stock market.
Happy staking friends.