Jay Hao, OKEx Chief Executive Officer, is confident that the upcoming US second stimulus package would be able to drive BTC price up. For comparison, the first stimulus package worth $2.2 trillion USD back in late March, was able to drive the BTC price up by more than 55%. At the time, BTC was pumped from ~$6,500 to above $10,000.
It has been widely reported that the US government is looking to spend yet another $1 trillion USD to help the American economy that’s directly affected by the COVID-19 pandemic. Jay Hao believes that this second stimulus package would pump BTC just like the first one.
He also claimed that BTC institutional adoption is growing rapidly after pointing out to the fact that 80% of all mined BTCs recently are acquired by Grayscale - who owned $2.16 billion worth of assets, as of September 11, 2019. The growing institutional adoption should be good news for Bitcoin.
Hao is confident that both the institutions and the retail investors would start looking for more Bitcoins when the US second stimulus package is released. They believe many investors at the moment do not know where to properly invest their money due to the global financial crisis. And Bitcoin, as the “digital gold”, should be able to convince these confused investors that it is a good hedge during the time of uncertainty.
Source: Cointelegraph
