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Bitcoin price hits $51K as U.S. Senate passes $1.9 trillion stimulus

Bitcoin reaches $51,000 as the U.S. Senate greenlights $1,400 “stimmy” checks for Americans.
The price of Bitcoin (BTC) reached over $51,000 on March 7 after the U.S. Senate passed the anticipated $1.9 trillion stimulus bill, which is roughly two times larger than the market capitalization of BTC.United States’ President Joe Biden said that the Senate’s approval shows major progress in delivering a “desperately needed” stimulus bill to Americans. He said:“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.”BTC/USDT 4-hour price chart (Binance). Source: TradingView.comWhy is the stimulus bullish for Bitcoin price?When a stimulus bill gets passed, it immediately relaxes the financial conditions in the U.S. The past year has shown that the effect of such measures raises investors’ appetite for risk-on assets, including stocks and cryptocurrencies.In April 2020, when the first stimulus bill was passed, it coincided with a massive bull run in both the U.S. equities market and the cryptocurrency market.Naturally, investors anticipate the second stimulus package to have a similar effect on the price of Bitcoin in the short term.Peter Brandt, a long-time trader, said the devaluation of the purchasing power of the U.S. dollar has only started.The combination of a devaluing dollar and the new stimulus package would likely cause the market sentiment around Bitcoin to improve. Brandt wrote:”The devaluation …
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