Markets jumped on expectations that Biden announced its $ 1.5 trillion revival plan this evening. Bitcoin and stock markets soared in anticipation of a COVID-19 stimulus package amid rising employment claims from president-elected Joe Biden.
The S&P 500 index gained 0.3% and traded at an all-time high of $ 3,826.7.
Bitcoin also surged towards $ 40,000 once again, backing strong demand and Biden’s incentive news acting as a solid catalyst.
The cryptocurrency is currently trading at $ 39,500.
The government’s stimulus packages provide the necessary power to inflate risky assets like stocks and Bitcoin.
Despite the trillions of dollars printed last year, US unemployment claims paint a brutal picture of the American economy. The US Department of Labor’s report on Thursday saw an 181,000 increase in claims since last week. This week’s tally is 965,000, the highest number of requests in the past four months.
Joe Biden, elected president, plans to send $ 1,400 unemployment benefits and aims to deliver on his generous economic package promises.
In December, the most recent stimulus package approved by Trump was $ 900 billion, promising $ 600 per person in personal checks.
Biden is expected to reveal details of the package, which he said will be “trillions of dollars” last week.
Reports show that the amount is roughly between $ 1.5 and $ 2 trillion. Whatever the amount, like Trump’s package, the new dollars will go directly to investments like Bitcoin and stocks while inflation concerns remain.
Biden’s term of office will begin on January 20.