More Industry Players Weign In On Bitcoin As Businesses Reopen

As the U.S. considers lifting coronavirus prevention measures, two more industry players consider the event’s impact on Bitcoin’s price.

Industry players stated that Bitcoin’s (BTC) price could be affected once the U.S. government lift COVID-19 prevention measures, such as stay-at-home orders and business closures.

“When the world economies begin to recover and come back online after printing, in the case of the U.S. government trillions of dollars, Bitcoin will most likely become more bullish than we’ve ever seen it,” Metal Pay CEO Marshall Hayner said, adding:

“Altcoin markets with solid foundation and utility with strong usage will potentially move beyond previous heights as we will begin to see the first large crypto banking platforms like Metal Pay, Facebook, and others emerge with the advent of the US Treasury backed digital dollars.”

Economies forced on the sideline for weeks

In an attempt to prevent the spread of the coronavirus, much of the globe has stayed at home over the past several weeks, with many businesses closed. As the U.S. considers a path forward, other nations are building strategies according to their own conditions.

In the heat of the March pandemic, mainstream markets crashed, with Bitcoin’s price following close behind. The U.S. printed trillions of dollars trying to bring struggling markets to life. Recent weeks show traditional markets posting somewhat of a recovery. At times, Bitcoin has moved in tandem.

Traders also see Bitcoin price movement coming

Crypto Twitter trader, NebraskanGooner, said that he expects Bitcoin to move north when the U.S. reopens. “The general assumption is that price is likely to push up,” he said. “Things start to go back to normal and people are likely to put money back into traditional markets and crypto markets.”

NebraskanGooner doubted the sustainability of such buying, though, stating that he would conduct more thorough technical analysis for more information.

“We could also see general rumors of businesses starting to reopen which could cause a ‘buy the rumors, sell the news event,'” he noted, referring to when hype before an event drives asset prices up, followed by plunging prices after the event happens.

Two other crypto traders on Twitter, CryptoWendyO and BigCheds, also recently talked about possibilities for Bitcoin when U.S. citizens return to normal life, noting that the economy would not recover quickly, and Bitcoin’s price would be deteremined by stocks as it exhibited strong correlation with traditional markets.