Notably, a bipartisan agreement worth twice the value of proposed monetary stimulus program has been accepted and it now looks to be more concrete.
Changpeng Zhao, CEO of Binance, tweeted that the latest stimulus proposal implies a $2 trillion market capitalization for Bitcoin could be deemed reasonable.
The Federal Reserve and central banks across the globe have begun injecting liquidity in the market with the hope to nullify the negative impact of coronavirus outbreak and prevent crash of financial markets.
With trillions to be injected through cash printing by Fed, cryptocurrency market, led by Bitcoin, is already seeing a rebound and decoupling from conventional markets.
Zhao predicts that Bitcoin will skyrocket to $100,000 soon.
As we get used to talk about Trillions, a modest $2 trillion market cap of #bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right?
As most BTC are not for sell (HODLers), we only need a small portion of that $2t to buy to reach it.
— CZ Binance ??? (@cz_binance) March 25, 2020
Zhao justified his forecast by pointing out that a major portion of Bitcoin is held by HODLers and not offered for sale, only a miniscule percentage of the $2 trillion US stimulus package need to be diverted to Bitcoin to attain a comparable market capitalization.
Zhao’s optimistic outlook about Bitcoin was used to create memes and quickly shared on social media platform.
Several crypto traders have seriously responded saying that it should be construed as a sell signal.
Nevertheless, with tons of dollars to be injected into the economy, Bitcoin’s limited supply may provide the necessary impetus for the rally above $10,000.