“We suspect that Trump’s announcement of potentially considering a stimulus check for every citizen, funded by tariffs, could also contribute to a further rise in bitcoin’s price,” analysts with the Bitfinex bitcoin and crypto exchange said in emailed comments. “This could mirror what we witnessed following the Covid stimulus checks.”

Since the 2020-21 Covid-era bitcoin price rally, the bitcoin and crypto market has matured, with stock market exchange-traded funds (ETFs) and regulatory clarity helping to make the technology more accessible.

“In 2020, crypto’s institutional rails were barely in place: No spot ETFs, fragmented custody, regulatory ambiguity,” Jasper De Maere, a strategist at bitcoin and crypto market maker Wintermute, wrote in a September noted posted to LinkedIn, adding that “retail-led rallies fueled by stimulus checks and [ultra high-net worth individual] cash … allowed rapid cascades” to hit the bitcoin price and wider crypto market.

Meanwhile, a 2023 research paper from Harvard Kennedy School found stimulus payments increased bitcoin and crypto investing, with the bitcoin price surge this week potentially attracting further interest.

“Bitcoin has surged more than 13% in the past week, showing strong momentum with steady higher highs and limited pullbacks,” Jake Kennis, senior research analyst at Nansen, said via email, pointing to momentum being driven by institutional demand through bitcoin ETFs.

“Prices are now approaching a new all-time high, which could trigger renewed institutional flows and retail interest. The setup looks constructive for a fresh bitcoin all-time high, but confirmation will require sustained volume and follow-through above the former all-time high level to avoid a false breakout.”

This week, Trump said he’s weighing the idea of giving out checks of up to $2,000 in rebates derived from the revenues his tariff agenda has generated.

“We’re thinking maybe $1,000 to $2,000, it would be great,” Trump told One America News Network, adding his “number one” priority is “paying down debt, because people have allowed the debt to go crazy.”

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The U.S. debt pile has surged to almost $38 trillion this year, as a combination of huge Covid-era spending and higher interest rates contribute to what some fear could become a “crisis” for the U.S. dollar.

Trump’s controversial global trade tariffs, which are facing legal challenges, earned the U.S. around $150 billion in the fiscal year that ended in September, according to Treasury Department data.

However, Trump said he expects tariffs to bring in over $1 trillion every year.

“They’re just starting to kick in,” Trump told OANN, “but ultimately, your tariffs are going to be over $1 trillion a year.”