RATE Group | Shock U.S. Digital Dollar Proposals Set Bitcoin And Crypto Prices Alight
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Shock U.S. Digital Dollar Proposals Set Bitcoin And Crypto Prices Alight

24 Mar Shock U.S. Digital Dollar Proposals Set Bitcoin And Crypto Prices Alight

Posted at 16:37h in Cryptocurrency News by

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Bitcoin and cryptocurrency investors have cheered U.S. plans to create a so-called digital dollar as part of a massive coronavirus-induced stimulus bill.

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…

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