Bitcoin Eyes Bull Run Towards $40K Ahead of Biden’s Stimulus Plan

Bitcoin refreshed its all-time high during the early Asian session Tuesday as traders assessed the prospects of Joe Biden's latest push to pass his ambitious $1.9 trillion stimulus package.

According to various reports, U.S. President-elect Joe Biden is planning to create another $3 trillion for Covid-19 relief and infrastructure. The massive stimulus plan and the backers behind the Biden administration have made crypto proponents believe that bitcoin will prosper greatly. Biden Proposes to Finance Covid-19 Relief and Infrastructure With $3 Trillion Ever since the coronavirus outbreak took hold across America, politicians and members of the U.S. Federal Reserve has distributed massive amounts of dollars to special interests and Wall Street trading houses. Americans did get a....

On Saturday, politicians in the U.S. approved the massive $1.9 trillion Covid-19 relief package dubbed President Biden’s “American Rescue Plan.” The stimulus plan will see American citizens earning $75k or less eligible to receive $1,400. Moreover, households will get an additional $1,400 for every dependent child claimed. Despite the direct cash payments, Biden’s American Rescue Plan is also filled with pork-barrel items that have nothing to do with coronavirus relief. The So-Called ‘American Rescue Plan’ Americans are expecting a third stimulus check....

The report will likely influence negotiations over U.S. President Biden’s $1.9 trillion stimulus package over the coming weeks.

After Joe Biden's inauguration on Jan. 20, an expected raft of new stimulus measures may further boost bitcoin's rally, say analysts.