The incoming Biden administration’s plan to flood the U.S. economy with trillions of dollars could ignite the next leg of the Bitcoin bull market, as more investors seek refuge from a crumbling United States dollar.
Axios reported that Joe Biden has asked Congress to provide Americans with $2,000 in stimulus payments to help offset the economic devastation of Covid-19. The incoming president has also proposed a $3 trillion tax and infrastructure package as part of his “Build Back Better” program.
Biden: “Economic research confirms that with conditions like the crisis today, especially with such low interest rates, taking immediate action, even with deficit financing, is going to help the economy”
The federal government’s inflation-boosting policies have coincided with record intervention from the Federal Reserve, which deployed trillions of dollars in 2020 to combat a liquidity crisis and keep overnight rates under control.
Although these policies provided a strong backstop for risk-on assets – a category that has included Bitcoin in the past, the emerging narrative surrounding BTC is that it’s a hedge against inflation.
After a sharp correction that lowered its price to nearly $30,000, Bitcoin is close to reclaiming $40,000. The leading...
Home » Crypto News Blocks » Bitcoin Could Be Set To Erupt Due To Joe Biden’s Potential $3 Billion Stimulus Package
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