As the value of the USD has been depreciating with the mass printing of stimulus checks deployed by the US government for pandemic repercussions relief and with gold finally responding with a price rally, Bitcoin (BTC) has finally gained some bullish traction on the crypto market.
With the USD being printed in bulk by the US government in the goal of delivering a second round of stimulus packages to the population, many investors have switched to cryptocurrencies as a hedge.
In fact, it was even reported by crypto exchange Coinbase that many Americans had used the first stimulus check of $1,200 USD delivered by the government towards investments in BTC. Crypto advocates tout Bitcoins and altcoins as a means to protect their wealth from government procedures such as economic stimulus packages, which are often regarded as inflationary.
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