A year has passed since that fateful day in March 2020 when bitcoin fell to 3,750. It was quite the doomsday for hodlers. A year later, those same hodlers are gloating over their profits.
There doesn’t seem to be anyone in the world who doesn’t know bitcoin. So what’s driving the bitcoin price to new heights? Maybe “millionaire mainstreaming” and stimulus checks have something to do with it.
IS BITCOIN MAINSTREAM ADOPTION ALREADY HERE?
Bitcoiners have been asking for mass adoption for years. And that adoption might already be here. In fact, let’s do a quick review:
Who has been mentioned with bitcoin or crypto in recent months? Well, most notoriously we have Elon Musk. Elon and Tesla decided to buy 1.5 billion dollars of bitcoin… and the profits this has brought Tesla already equals the company’s profits from last year.
We also have Mark Cuban. His precious NBA team the Dallas Mavericks will start accepting Dogecoin — a coin that is more of a meme than a cryptocurrency. But hey, everyone gotta start somewhere.
MicroStrategy is another company that’s ahead of the curve. The Virginia-based company buys hundreds of millions of dollars in bitcoin every chance it gets.
And how can we forget Jack Dorsey, founder of Twitter, who recently sold his first tweet as a non-fungible token (NFT) for 2.5 million?
BITCOIN: WHERE THE STIMULUS IS
Now with all this in mind: what do the U.S. stimulus checks have to do with the price of bitcoin? Although it may not seem obvious, it has a lot more to do with it than you think.
People have already experienced some economic freedom with the first stimulus check. Many of those checks flowed into the stock market. And Gamestop’s profits went into bitcoin.
So how can those stimulus checks not go to bitcoin? We have experts like Michael Novogratz estimating that bitcoin will reach 100K before the end of the year. How could anyone not take that bet?
Despite Musk’s claims that bitcoin is overpriced (we see you, Elon, we know you want to buy more), bitcoin won’t stop. Many Americans are waiting for their next stimulus check to jump into bitcoin. People prefer to have control over their money and bitcoin is offering the alternative everyone needs.