OKEx CEO suggests a second US stimulus package could have a positive impact on BTC

• The chief executive officer of OKEx has indicated that if a second stimulus plan was executed, the price of bitcoin could significantly benefit in value. 
• In a post, the CEO explained that since the first stimulus bill was signed, the leading cryptocurrency spiked by 60% 

The chief executive officer of the OKEx crypto platform, Jay Hao has indicated that if a second United States stimulus plan was executed, the price of bitcoin could significantly benefit in value. 

In a post published on LinkedIn, the CEO explained that since the first $2.2 trillion stimulus bill was signed at the end of March this year, the leading cryptocurrency spiked by just shy of 60% to $10,400. In referencing an article from Bloomberg, it reports that the Trump administration expects to spend yet another $1 trillion in order to stimulate the economy in America during the pandemic of COVID-19. 

He further said:

“Will the second stimulus check continue to drive Bitcoin price growth? In my opinion, it is very possible.”

Explaining to Cointelegraph, Hao said that it is difficult for investors in the institutional area to know where they should invest their money. Recently, we’ve been seeing many institutional investors put their money into bitcoin and the world of crypto & he believes the stock market is inflated and so it even so even equity is a high risk, at least for the time being.

“Institutions will be looking for the best rate of return over time and Bitcoin has consistently proven itself here just as Paul Tudor Jones called it the fastest horse. Again, of course, institutional investors will spread their risk across risk and haven assets.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!