- Bitcoin would come out stronger after the COVID-19 pandemic
- The new policies of central banks would give BTC more room to thrive
- Demand for Bitcoin (BTC) is on the rise
Bitcoin News Today – Bitcoin (BTC) is increasingly becoming popular and many believe this is the season for Bitcoin to shine brighter. Recently, Delphi Digital pointed out that BTC will benefit the most from the commitment made by central banks across the globe to do all they can to revitalize their economies.
The Federal Reserve Bank recently said:
“[We] will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.”
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Is Set to Thrive on the New Policy of the Fed
The amount of fiscal and monetary relief channeled to better the global economics, due to the COVID-19 pandemic, accounts for over $10 trillion. Such an enormous sum of newly minted cash could result in global inflation, whereas the deflationary policy of Bitcoin will help to thrive.
The huge sum to be printed by the governments across the globe will eventually have a gigantic effect on the financial system, according to Delphi Digital. A monetary policy like this could cause some of the most powerful currencies in the world to lose their power. In the long run, Bitcoin will highly benefit from it. In a statement, Delphi Digital said:
“It is notable that prior BTC cycles tended to peak when major central bank asset growth began to decelerate.”
Bitcoin is gradually becoming a part of the global financial system, but it is going to take a while for this process to complete. Nevertheless, the digital currency is performing pretty well against some of the most powerful currencies in the world.
Bitcoin Is Performing Pretty Well against Top Currencies across the Globe
Bitcoin has continued to put a pretty interesting show over the past years. The digital currency has been doing pretty well against other assets, stocks, and currencies. For instance, the price of Bitcoin is up by more than 44 percent against the Russian ruble since the beginning of this year. From year-to-date, Bitcoin’s price is up by more than 20 percent against the US dollar. Bitcoin is also up by more than 74 percent against the Brazilian real.
Demand for Bitcoin Is on the Rise
According to on-chain metrics, the demand for the digital currency is currently on the rise. The amount of coins in smaller wallets is growing exponentially, according to Delphi. This shows that more people are beginning to acquire the digital currency. Coin Metrics also revealed that the amount of Bitcoin in the possession of crypto trading platforms is declining rapidly while more than 14 percent of BTC in supply are in addresses having less than 10 BTC.