The price of Bitcoin surged over $12,000 on Tuesday as a result of spot market volume. The price surpassed the $12,000 mark to hit a one year high of $12,313.640.
In a podcast, Mike McGlone, a senior commodity strategist at Bloomberg Intelligence noted that fiscal policy could drive Bitcoin price in the coming months: “A potential Biden presidency should shine favour on further appreciation in the price of Bitcoin. New leadership may change the hands-off policy of the Trump admin – to the detriment of the broader crypto market – and nudge Bitcoin toward the mainstream, improving ETF chances.”
Meanwhile, the asset manager Stone Ridge Holdings, which manages over $10 billion in assets, disclosed that it had purchased $114 million in bitcoin treasury assets.
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