Today, BTC (bitcoin) price hikes after the US Senate passed the 1.9 trillion stimulus bill.
In his comment on the matter, US President Joe Biden stated that the move undertaken by the Senate is desperately and urgently needed.
“Today I can say we’ve taken one more giant step forward in delivering on that promise, that help is on the way. It wasn’t always pretty, but it was so desperately needed, urgently needed.”
For the past few days, the price of BTC (bitcoin) has been constantly fluctuating and hardly reached the $50K mark. In a data by Crypto.co, BTC (bitcoin) is now at $50,710 and has increased by 6.5% in a 24-hr chart.
The adoption of bitcoin by institutional investors has driven its price to new heights. Microstrategy has been aggressively on a buying spree during bitcoin dips. Tesla, a company owned and founded by Elon Musk was one the newest players who have joined the roster of companies that have adopted bitcoin. Retail investors are also back. But the recent bitcoin dips have affected both retail and institutional investors.
In recent data by Nasdaq, Microstrategy’s stock price dropped to 50% from its price of $1,300 to $620. The same thing has happened to Tesla after its share dropped to more than 50% from its peak price of $880 to $597.
But despite the bearish market, bitcoin hodlers remain optimistic about the future of the most dominant digital asset. Companies that have adopted bitcoin continue to pour in. This is highly evident in the recent bitcoin purchase of Meitu Inc., a Chinese technology company.
“The Group has purchased 15,000 units of Ether and 379.1214267 units of Bitcoin (“BTC”), both cryptocurrencies, in open market transactions at an aggregate consideration of approximately US$22.1 million and US$17.9 million respectively, on March 5, 2021.”
Meitu Inc. founder Cai Wensheng revealed that he has personally accumulated 10,000 BTC through buying gradually after every dip in 2018.
“When I determined that blockchain and Bitcoin are the future, I set myself a goal of owning 10,000 Bitcoins. Now, this small goal has basically been achieved.”
The recent stimulus and more adoption from the Asian market will likely result in a bitcoin price hike.