Author Topic: U.S. Digital Dollar Proposals Set Bitcoin and Altcoins prices higher  (Read 816 times)

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The bitcoin price has climbed some 15% over the last 24-hour trading period, nudging $7,000 per bitcoin, and sending the wider cryptocurrency market sharply higher.

The bitcoin price had already been boosted by the Fed promising an open-ended commitment to keep buying assets under its coronavirus crisis quantitative easing measures.

If the U.S. were to create a digital dollar it could be seen as a tacit endorsement of bitcoin and cryptocurrencies, especially if it were to use bitcoin's underlying blockchain technology.

A provision for a digital dollar was included in a draft stimulus bill put together by the U.S. Democratic Party as a means to make payments to people and businesses hit by coronavirus-induced economic turmoil.

"This stops short of the party proposing to create a cryptocurrency for this purpose, and it is unclear whether it will make the final bill," said eToro market analyst Adam Vettese in a note to clients, somewhat playing down the news.