Bitcoin’s fundamental case continues to strengthen as developments regarding the next stimulus bill continue. Industry executives believe that this could act as a catalyst for this market moving forward.
This comes as BTC has begun to inch higher after weeks of consolidation. As of this article’s writing, Bitcoin trades for $9,500 — the highest price in weeks.
Related Reading: Crypto Tidbits: Twitter’s “Bitcoin Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETH
How the Federal Reserve Could Boost Bitcoin Higher
Despite attempts to reopen society, the U.S. is far from a state of stability when it comes to the economy.
In comments made earlier this year, officials of the Federal Reserve and international economic authorities predicted a harrowing decline in the economy. The Federal Reserve has forecasted the worst modern economic shock while the Bank of England is expecting the worst recession in over 400 years.
Bitcoin does not seem to be in a state to benefit from this trend. Yet according to Tyler Winklevoss, chief executive of Gemini, this is not the case. In a tweet on July 22nd, he said that the “Fed continues to set the stage for bitcoin’s next bull run.”
The Fed continues to set the stage for bitcoin’s next bull run. https://t.co/L5RKVHwCje
— Tyler Winklevoss (@tylerwinklevoss) July 22, 2020
Attached to this tweet was an article from the New York Times entitled “Fed Deliberates How and When to Roll Out More Economic Support.”
The article discusses impending “deliberations” between top officials at the central bank over the next round of stimulus:
“Deliberations at their July 28-29 meeting could determine how soon officials can finalize any plans, which would be unveiled either at their September meeting or later this fall, according to interviews and public statements.”
In discussing this, Winklevoss is referencing how an increased amount of fiat should theoretically lead investors to scarce assets.
Unfortunately