Bitcoin reaches $ 60,000 after Biden injects $ 1,900,000,000,000 into the economy

This Saturday (13), the price of Bitcoin reached a new record, reaching $ 60,120 per currency. Bitcoin (BTC) now has a market capitalization of $ 1.12 trillion according to data from Coingolive. This happens shortly after the American economy prepares to receive a trillion dollar injection through a new round of emergency aid.

Since the start of the pandemic, the U.S. alone has issued more than $ 5 trillion, the equivalent of 5 times the Bitcoin market cap. In addition, efforts around the world such as continuing to increase consumption, as Brazil itself injecting billions of reais into the economy through the Central Bank, worries investors about the risks of higher inflation.

And with Bitcoin today reaching the mark of 10% of the gold marketcap, the narrative that the cryptocurrency can be the next generation’s value reserve is strengthened. For Michael Saylor, CEO of MicroStrategy, a company that bought another 262 BTC this Friday (12), gold is “too slow for the 21st century” and its $ 10 trillion in market value could move to Bitcoin.

And he is not the only one to buy Bitcoin with this investment thesis. About 10 months ago, legendary fund manager Paul Tudor Jones said that BTC could serve the role gold played in the 1970s.

“We are witnessing the Great Monetary Inflation – an unprecedented expansion of all forms of money, unlike anything the developed world has ever seen,” said Jones in a letter to investors in his Tudor BVI fund, which manages more than $ 22 billion.

PTJ went on to allocate at least 1% of its assets in bitcoin, and many other investors followed in his footsteps. Today there are already 25 publicly traded companies that have BTC in cash as a reserve asset that can improve the company’s performance. One of the biggest examples is Tesla, included as one of the main positions of the S&P 500 index, and in just two months it is already making more money with Bitcoin than with the sale of electric cars.

The Bitcoin price record is broken just a day after completing a year of the covid-19 crash, when on March 12, 2020 the cryptocurrency dropped 50% to $ 3,800 or $ 25,600.

Since then, BTC has risen more than 1200%, breaking several records, including transactions on the network and computing power. And while fiat currencies continue to inflate and lose value, Bitcoin, as open source software, continues to improve and prepares for a new major update that could take place later this year.

Read also: Update that could make Bitcoin explode is scheduled for the middle of the year

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