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Richard Byworth, the CEO of Diginex Ltd., a Nasdaq-listed digital asset financial services company, has given Bitcoin (BTC) a bullish price projection of $175,000 before the end of the year.

As reported by Bloomberg, Byworth attributed his price call to the potential impacts of the newly signed coronavirus stimulus checks.

Each eligible American will be entitled to $1,400 in stimulus payment, an amount that is sure to increase depending on family size. The stimulus cheques as well as other programs through which the funds will be channelled are set to overwhelm the economy with so much circulating fiat currency that it may usher in a massive wave of inflation. This may usher in higher inflation that is bound to decrease the valuation of the United States Dollar as the purchasing power will be arguably limited.

Investors, business owners, and publicly listed companies will not want to get caught up in the crosshairs of the devalued currency and are bound to seek solace in an asset class that can serve as the perfect hedge against inflation. In the past year, since stimulus checks were first issued, Bitcoin has performed well, and based on how the narrative for BTC has been quickly shifting, investors are likely to ditch gold to stack up more of the digital currency.

Bitcoin Already Seeing Bullish Surge

Bitcoin is already seeing a bullish run due to the potential impact of the stimulus checks as the cryptocurrency made a run to a new all-time high of $61,683.86, according to CoinMarketCap. At the time of writing, however, the largest coin is exchanging hands at $58,668.19, down by 3.86% in the past 24 hours.

The huge projection to soar to or above $175,000 by Byworth is a sentiment shared by many other Bitcoin proponents, and with the previous record of Bitcoin always closing the year higher than it started it, the potentials of hitting this milestone is even more promising.

This article originally appeared on Blockchain News.

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