The great Bitcoin’s worth is gradually approaching its all-time high price of $108,786 on Monday. This is as a result of the US Congress’s preparation to debate a landmark crypto draft bill this week.
Fortunately, Bitcoin is not just present in the market, but also continuously making a name for itself and breaking records every second. The king cryptocurrency is now close to a price mark of $103,000, gladly expanding the profits it has made in previous weeks. However, Bitcoin’s price spike is somewhat related to renewed fears of inflation in the United States of America. Discussions on adding tariffs on key imports into the country will be looked into again at the White House.
Furthermore, there are expectations from the public that the US Senate will discuss a landmark cryptocurrency draft bill. This discussion will commence this week and will be the first US regulatory framework for stablecoins in history.
Stablecoins are cryptocurrencies pegged to the USD (they equal the price of the dollar currency). These include Tether and the USD Coin (USDC), which offer a more stable alternative to volatile cryptos like Bitcoin.
Though it remains unclear if the bill has a majority support in the US House, nevertheless, experts are saying it signifies a breakthrough in discussions relating to cryptocurrency legislation. Many Democrats said there is a need for them to review the revised text before they can make any serious commitments.
The bill is already facing opposition from several Democrats within a short period. This is from people like Senator Elizabeth Warren, who said
the bill “does not include any provision to prevent Trump and his family from raking in enormous amounts of money from their corrupt cryptocurrency schemes”.
Also, her banking committee staff said that many of these new changes are nothing but fig leaves for significant flaws. Stating that these flaws will jeopardize all consumer protection and national security.
Bitcoin Closer to its all-time High amidst
While all these observations are ongoing, Bitcoin is soaring, reaching a price mark of $107,000 with a high demand increase. Prediction from JP Morgan indicates that it would outshine Gold in the rest of the year.
A well-known corporate Bitcoin holder, “Strategy” with a total holding of 568,840 BTC, said it has acquired an additional 13,390 BTC for approximately $1.3bn.
According to David Marcus, Bitcoin is evolving dynamically. In his Twitter handle, he said
I truly understood Bitcoin in 2011-201,2 and in all these years, the bull case for it has never been stronger. Banks can now custody and offer BTC to their customers, sovereign states and corporations are competing to buy, and the utility phase of TCP/IP for money is taking off. Buckle up.
