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Stimulus Package Approval and Institutional Purchase in Asia Signal Fresh Bitcoin-Led Bull Wave

The weekend saw Bitcoin climb back above $50K. Though the period wasn’t action-packed, two main developments signaled a new bullish wave. Americans could in the next few weeks receive stimulus checks of $1,400 with the bill passed during the weekend.

Additionally, having Bitcoin in company portfolios could be a trend catching on in Asia as a leading Chinese app developer announced it bought Bitcoin worth $22M over the weekend.

The approval of the $1.9 Trillion stimulus package by the U.S senate has been the major talking point. Following its approval on Saturday, experts expect President Biden could sign this into law as soon as the end of the week.

If so, checks could begin reaching beneficiaries by the end of the month. In the past, some of these checks have been forwarded straight into Bitcoin. And why not? Those who stretched their last check saw its value more than quadruple.

With the interest in Bitcoin skyrocketing, the number of new investors will reach never-before-seen levels. Encouraged by the recent bullish wave, and the new interest from institutions such as Tesla and Square, many are more confident buying Bitcoin as a form of investment. And has always been with Bitcoin, higher demand means higher prices.

BTCUSD Chart By TradingViewMeitu Buys Bitcoin and Ethereum

Meitu, a leading software company listed on the Hong Kong exchange over the weekend, announced that it had bought 15,000 Ethereum and 379 Bitcoin. These cryptos were bought under its crypto investment plan which it further says could reach as …
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