Various reports say US President-elect Joe Biden plans to raise another $ 3 trillion for Covid-19 aid and infrastructure. The massive stimulus plan and supporters of the Biden administration have led crypto advocates to believe that Bitcoin will thrive strongly.
Biden suggests funding Covid-19 aid and infrastructure with $ 3 trillion
Since the coronavirus outbreak across America, politicians and members of the Federal Reserve have given huge sums of money to special interests and trading houses on Wall Street. Americans received a stimulus check for $ 1,200 per person during the last program and $ 600 per person during the last stimulus plan.
US President-elect Joe Biden is reportedly planning an additional $ 3 trillion in aid to Covid-19.
$ Trillion has already been spent on Covid-19, and it is estimated that a quarter of the total existing USD was minted in 2020. Now reports suggest US President-elect Joe Biden plans to hand out an additional $ 3 trillion if he takes over administration.
Axios.com contributor Hans Nichols reports that “Joe Biden is considering asking Congress to help suffering Americans in two steps.” Nichols notes that Americans may receive a coronavirus payment of $ 2,000, along with a tax and infrastructure package worth $ 3 trillion. Nichols adds that Biden’s “Build Back Better” program will increase capital gains and marginal tax rates for Americans who represent the country’s top earners.
Crypto advocates believe that stimulus will bolster Bitcoin
Since news broke that Biden could raise an additional $ 3 trillion to launch his government’s “Build Back Better” program, supporters of the cryptocurrency have said the incentive will likely bolster Bitcoin.
On January 10, 2021, the Twitter account with the name “Bitcoin Archive” wrote: “Bitcoin rose + 35% when the 3 trillion stimuli were announced in July 2020. This could bring BTC to $ 55,000 if it happened again. Joe Biden will announce another big incentive for Bill on Thursday. “
The crypto Youtuber, “Ivan on Tech”, also tweeted about the Biden administration’s $ 3 trillion stimulus proposal. “Biden [is] Prepare a $ 3 trillion stimulus, ”wrote Ivan. “It will take the exchange, and especially Bitcoin, to insane levels as early as February,” he added.
Youtuber Lark Davis tweeted a similar statement, saying:
Massive new US stimulus package with the new Biden administration. 3 trillion on the table. Bitcoin [is] go to Jupiter.
While many crypto enthusiasts discussed the latest big tech censorship over the weekend, the biden stimulus conversation was also a trending topic on Twitter among Bitcoiners. One person noticed that the number of long calls on the Deribit derivatives exchange was increasing.
“After Biden’s confirmation that he will come up with a $ 3 trillion economic bailout (can’t really call it an incentive), Deribit began to show option activity [a] sharp increase in long-term calls in the region north of $ 100,000. According to Market, the Bitcoin number will rise to six-digit amounts by September, ”the person said.
#Biden is preparing $ 3 trillion stimulus. Pennies for you, billions for other countries. More monopoly money. Printer go brrrr. #Bitcoin is going to blow your mind this year … NUMBER GO UP. pic.twitter.com/KIQHJS7JI9
– Pat Leach (@Patlovespi) January 9, 2021
Biden Backers Show Administration will be large donors awaiting consideration
Other reports, showing all supporters of the new Biden administration, suggest there may be a fair amount of sloppy spending over the next four years. Screechingkettle writer Jon Reynolds explained on Sunday how “bankers, defense companies, venture capitalists, private equity firms, telecommunications companies, intelligence agencies and business hits can benefit from a donation to the Biden administration”.
Reynolds believes that donors will “expect something in return” and will receive “more handouts”. After hearing from Biden who added another $ 3 trillion, a Bitcoin proponent said people would be crazy to sell BTC now.
“Why would anyone sell when Biden is going to print $ 3 trillion in the first month of 2021?” the person tweeted. “Do you really think this will be the final stimulus for his 4-8 year presidency?”
What do you think of the possibility of Biden’s $ 3 trillion stimulus bill boosting Bitcoin and the crypto economy? Let us know what you think on this matter in the comments section below.
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