{"id":177540,"date":"2020-12-11T01:18:57","date_gmt":"2020-12-11T01:18:57","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=177540"},"modified":"2020-12-11T01:18:57","modified_gmt":"2020-12-11T01:18:57","slug":"bitcoin-bull-case-validated-again-as-new-trillion-dollar-stimulus-programs-roll-out","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-bull-case-validated-again-as-new-trillion-dollar-stimulus-programs-roll-out\/","title":{"rendered":"Bitcoin bull case validated again as new trillion-dollar stimulus programs roll out"},"content":{"rendered":"

Bitcoin<\/a> has stagnated over the past few days after peaking at $19,950 at the start of December. It currently trades for $18,200, stuck in a consolidation range between $18,000 and $19,500.<\/p>\n

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Chart of BTC's price action over the past six days. Source: BTCUSD from TradingView.com <\/a><\/figcaption><\/figure>\n

Some have begun to fear a correction due to technical and on-chain trends. As reported by CryptoSlate previously,<\/a> addresses affiliated with whales have begun to increase their deposits to exchanges. Other analysts have also noted that certain mining pools have begun to sell off holdings.<\/p>\n

But, the fundamentals of Bitcoin are seemingly stronger than ever as the world's governments and central banks continue to opt for money printing to bail out the sinking economy.<\/p>\n

Bitcoin bull case still strong amid unprecedented monetary stimulus<\/h2>\n

Cameron Winklevoss<\/a>, co-founder of Gemini, recently pointed out that the Bitcoin bull case is being validated as the European Central Bank pushes for further stimulus.<\/p>\n

Due to a once-again worsening pandemic and a slower-than-hoped vaccine roll-out, the world's central banks are taking evasive action to try and prevent the pandemic from affecting the economy even further.<\/p>\n

As Winklevoss notes, the ECB in itself is currently pursuing an increase of its “bond-buying program by an equivalent of $2.2 trillion.” $2.2 trillion is approximately 10 percent of the European Union's aggregate GDP as of last year.<\/p>\n

Further, this adds to the more than $1 trillion of stimulus it already implemented earlier this year.<\/p>\n

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The European Central Bank is increasing its bond-buying program by an equivalent of $2.2 trillion. #bitcoin<\/a> https:\/\/t.co\/lBDFGQIvGP<\/a><\/p>\n

— Cameron Winklevoss (@cameron) December 10, 2020<\/a><\/p><\/blockquote>\n