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Bitcoin Could Be Set To Erupt Due To Joe Biden’s Potential $3 Billion Stimulus Package

  • 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.
  • Read the full story here

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