As the US considers measures to lift coronavirus prevention, two more players in the industry are weighing the impact of the event on the price of Bitcoin. Industry players said the price of Bitcoin (BTC) could be affected once U.S. governing bodies lift COVID -19 prevention measures such as stay-at-home orders and closures of businesses.
“When the world economies begin to recover and come back online after printing, in the case of the U.S. government trillions of dollars, Bitcoin will most likely become more bullish than we’ve ever seen it.”
Metal Pay CEO Marshall Hayner said, adding:
“Altcoin markets with solid foundation and utility with strong usage will potentially move beyond previous heights as we will begin to see the first large crypto banking platforms like Metal Pay, Facebook, and others emerge with the advent of the US Treasury backed digital dollars.”
In an attempt to stop the coronavirus spread, much of the globe has remained at home over the past several weeks, with many businesses closed. As the U.S. assesses a course forward, other nations are strategizing on their own terms.
Mainstream markets were tumbling in the heat of the March pandemic, with the price of Bitcoin following close behind. The U.S. has imprinted trillions of dollars in efforts to pump life into the hard-fought markets. Recent weeks are showing somewhat of a recovery in traditional markets. Bitcoin has, at times, moved in tandem.
Traders See Bitcoin Price Movement on the Right Track
Crypto Twitter trader, NebraskanGooner, said Bitcoin could move north when the U.S. reopens. “The general assumption is that price is likely to push up,” he said. “Things start to go back to normal and people are likely to put money back into traditional markets and crypto markets.”
However, NebraskanGooner questioned the sustainability of such purchases, saying he would look for more information toward technical analysis on price charts.
“We could also see general rumors of businesses starting to reopen which could cause a ‘buy the rumors, sell the news event,'” he said, referring to when hype before an event drives asset prices up, followed by plunging prices after the event takes place.
Two other Twitter crypto traders, CryptoWendyO and BigCheds, also recently detailed opportunities for Bitcoin when U.S. citizens re-emerged into society.