According to several reports, US President-elect Joe Biden plans to create an additional $ 3 trillion for Covid-19 aid and infrastructure. The massive stimulus plan and supporters behind the Biden administration have made crypto advocates believe that bitcoin will thrive.
Biden proposes to fund Covid-19 emergency relief and infrastructure with $ 3 trillion
Since the coronavirus outbreak across America, politicians and members of the US Federal Reserve have distributed massive amounts of dollars to Wall Street special interests and trading houses. Americans were given a $ 1,200 incentive check during the last program and then $ 600 per person during the most recent incentive plan.
Trillions of US dollars have already been spent for Covid-19, and it is estimated that a quarter of all existing USD will have been minted in 2020. Now reports show that US President-elect Joe Biden is planning to take another $ 3 trillion administration to take office.
Axios.com contributor Hans Nichols reports that “Joe Biden is considering asking Congress to help the Americans in two steps.” Nichols notes that Americans may receive a $ 2,000 coronavirus payment in addition to a $ 3 trillion tax and infrastructure package. Nichols also adds that Biden’s “Build Back Better” program will increase capital gains and the marginal tax rate for Americans who represent the nation’s highest earners.
Crypto advocates believe that stimulus will strengthen Bitcoin
Ever since news came that Biden could create another $ 3 trillion to kick-start his administration’s “Build Back Better” program, cryptocurrency supporters said the stimulus is likely to bolster bitcoin.
On January 10, 2021, the Twitter account was called “Bitcoin Archive” wrote Bitcoin jumped + 35% when the 3 trillion stimulus package was announced in July 2020. That could last BTC up to $ 55,000 if it happened again. Joe Biden will announce another major stimulus bill on Thursday. “
The crypto Youtuber, “Ivan on Tech,” also tweeted about the $ 3 trillion stimulus proposal coming from the Biden government. ‘Biden [is] preparing a $ 3 trillion stimulus, ”Ivan wrote. “It will take the stock market and especially bitcoin to insane levels as early as February,” he added.
Youtuber Lark Davis tweeted a similar statement, saying:
Big new stimulus package for the US with the new Biden administration. 3 trillion on the table. Bitcoin [is] to Jupiter.
In fact, over the weekend, as many crypto enthusiasts discussed the recent Big Tech censorship, the Biden stimulus conversation was also one trending Twitter topic among bitcoiners. One person noted that the number of long calls on the Deribit derivatives exchange was increasing.
Following Biden’s confirmation that he will issue a $ 3 trillion economic bailout package (can’t really call it an incentive), options activity on Deribit shows [a] large increase in long-term calls in the area north of $ 100,000. Market says bitcoin counts will rise to six digits in September, ”said the person said.
#Biden preparation of $ 3 trillion stimulus. Penny’s for you, billions for other countries .. More monopoly money .. Printer go Brrrr. #Bitcoin will amaze this year … NUMBER GOES UP. pic.twitter.com/KIQHJS7JI9
– Pat Leach (@Patlovespi) January 9, 2021
Biden Backers Show Administration Will Be Big Spenders ‘Expecting Something In Back’
Meanwhile, other reports showing all the funders behind the new Biden administration indicate that the next four years will see a lot of careless spending. Jon Reynolds, author of the Screechingkettle explained on Sunday how the “bankers, defense companies, venture capitalists, private equity firms, telecom industries, intelligence community criminals and economic hitmen are benefiting from donations to the Biden government.”
Reynolds believes that donors will “expect something in return” and that they will also receive “more handouts”. After hearing that Biden added another $ 3 trillion, a bitcoin advocate said people would be crazy to sell BTC straight away.
“Why would anyone sell when Biden will print USD 3 trillion in the first month of 2021?” the individual tweeted. “Do you really think this will be the final boost of his 4-8 year presidency?”
What do you think about the possibility that Biden’s $ 3 trillion stimulus bill supports bitcoin and the crypto economy? Let us know what you think about this topic in the comments below.
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