Here’s another cryptocurrency report by Crypto Zombie. Some Americans received their first round of COVID stimulus money Saturday morning, which likely went into Bitcoin and other crypto assets. Bitcoin reached another all time high that day, going over $61,000. Today its price is back down to the middle $50K’s, as some holders took profits.
More and more, American citizens and people around the world are losing confidence in fiat currency. If cryptocurrency is legal in a given country, its people will invest in it as a hedge against inflation. This is also why the stock market is booming despite the economic shutdown.
The Bitcoin price drop in the last 2 days is very small compared to what we’ve seen recently. Cryptocurrency volatility is real, but one gets used to it the longer they hold that kind of asset. As the video host K-Dub notes, the dips are still getting higher. One year ago, at the start of the pandemic, Bitcoin dropped to the $3000’s, and now it’s almost twenty times as valuable.