As we’ve all noticed by now, bitcoin is surging like it never has in the last three years. The currency is presently trading for about $13,850, just under $14,000 which it allegedly hit a few days ago for a brief period, and many are expecting the currency to strike this level again before the year is out.
Bitcoin Is Jumping Again
Investors and analysts throughout the crypto space are wondering what could potentially be driving bitcoin to such high marks. There are many things out there that could possibly be doing the trick, a big one being that PayPal – one of the world’s largest digital payment firms – is permitting users to purchase cryptocurrency through its web platform. Following this news, the asset jumped into the $13,000 range. It’s been virtually unstoppable since.
However, there is also news that the European Central Bank (ECB) is about to dole out stimulus checks to every needy citizen in that part of the world. That could also be why bitcoin is suddenly surging, as the coin reacts rather positively towards news of further stimulus payments. In addition, it also shows that America has a thing or two it can learn from nations abroad.
The United States government was supposed to provide stimulus money to needy Americans for a second time. The first round of checks emerged in April and May of this year after the coronavirus stimulus plan got approval from both the Senate and the House of Representatives (and ultimately the President) in late March. When that happened, thousands if not millions of Americans that made less than $75,000 the previous year garnered payments of $1,200 each in their accounts or in their mailboxes.
A second round of stimulus checks has been on the discussion board since the early summer, but sadly, no money has been given. The main problem lies with Speaker of the House Nancy Pelosi, who has continuously held up talks with Treasury Secretary Steven Mnuchin with her ridiculous demands and attempts to add more funds to the plan that would ultimately go towards Democrat ventures.
America Could Learn from Europe in This Case
The money she’s asking for has nothing to do with the coronavirus, and in the meantime, many people in America are starving, in need of work, and could use the money in question to pay off a few bills.
But while America is still duking it out from both sides of the spectrum, it looks like Europe may be one step closer to issuing money to needy citizens, which could be why the price of bitcoin is suddenly spiking. In addition, job data within the United States is looking much stronger. This, analysts presume, has led to another five percent jump in the price of bitcoin over the last week alone.