Joe Biden's new stimulus package has been described as "another multitrillion-dollar advertisement for Bitcoin."
Although there might be some turbulence in the short term, analysts maintain that this is still healthy activity for BTC, as it establishes clear support levels.
On Thursday, Gemini’s co-founder and CEO Tyler Winklevoss described the president-elect’s COVID-19 relief plan as “another multitrillion-dollar advertisement for Bitcoin.”
Many countries around the world have embarked on aggressive quantitative easing measures as they try to mitigate the economic impact of the pandemic — effectively printing new money and devaluing the currency that’s already in circulation.
All of this has contributed to the narrative that Bitcoin is an effective store of value because it has a fixed supply of 21 million coins.
Unfortunately, there appeared to be little interest in Biden’s announcement in the crypto markets — potentially indicating that traders may be waiting for something a little more tangible.
Many other altcoins were also in the red, but their sell-offs were not as severe as Bitcoin.