Different reports say that U.S. President-elect Joe Biden plans to create another $3T for Covid-19 relief and infrastructure.
The big stimulus plan and the Biden administration supporters have made crypto enthusiasts believe that bitcoin will prosper momentarily.
Biden Suggests Financing Covid-19 Relief and Infrastructure with $3T
Since the coronavirus outbreak happened across America, politicians and U.S. Fed Reserve members have distributed enormous amounts of dollars to special interests and Wall Street trading houses. Americans received a stimulus check for $1,200 in the last program and $600 per person in the current stimulus plan.
Trillions of dollars have already been issued for Covid-19; it is also estimated that a quarter of the USD in existence was minted in 2020. Now reports have indicated that U.S. president-elect Joe Biden plans to distribute another $3T when his administration finally takes over the office.
A contributor from Axios.com reported that “Joe Biden is considering asking Congress to help suffering Americans in two steps.”
He noted that Americans might get a $2,000 coronavirus payment, together with a tax and infrastructure package worth $3T. Nichols also added that Biden’s “Build Back Better” program would boost capital gains and the marginal tax rate for Americans representing the top earners from the country.
Crypto Proponents Consider that Stimulus Will Bolster Bitcoin
Since the news came out that Biden will create another $3 trillion to kickstart his administration’s “Build Back Better” program, crypto supporters said that the stimulus might boost bitcoin.
Last January 10, 2021, a Twitter account named “Bitcoin Archive” wrote, “bitcoin jumped +35% when the 3 trillion in stimulus was announced in July 2020. That could take BTC to $55K if it happened again. Joe Biden will announce another big stimulus Bill on Thursday.”
A crypto Youtuber, “Ivan on Tech,” also tweeted about the $3T stimulus proposal arising from the Biden administration. “Biden [is] preparing a $3 trillion stimulus,” Ivan wrote. “It will take the stock market and especially bitcoin to insane levels already in February,” he added.
Youtuber Lark Davis tweeted the same statement and said:
“Massive new U.S. stimulus package coming with the new Biden administration. 3 trillion on the table. Bitcoin [is] going to Jupiter.”
During the weekend, while many crypto enthusiasts discussed the current Big Tech censorship, the Biden stimulus conversation was also a trending Twitter topic among bitcoiners. An individual noticed the number of long calls increase on Deribit.
“After Biden’s confirmation that he will push out a $3 Trillion economic rescue package (can’t really call it a stimulus), options activity on Deribit shows [a] big increase in long-dated calls in the area north of $100k. The market says, bitcoin number goes up to six figures by September,” the individual from Deribit said.
Biden Supporters Show Administration Will be Big Spenders ‘Expects Something in Return’
Other reports that show all the supporters behind the new Biden administration express that the next four years may see a lot of careless spending. Jon Reynolds, the author of “Screechingkettle,” explained last Sunday how the “bankers, defense companies, venture capitalist, private equity firms, telecom industries, intelligence community goons, and economic hitmen gain from donating to the Biden administration.”
Reynolds assumes that donors will “expect something in return,” and they will be getting “more handouts” as well. After hearing about Biden adding another $3T, a bitcoin proponent stated that people would be crazy to sell BTC right now.
“Why would anyone sell when Biden will print 3 trillion USD in the first month of 2021?” the individual tweeted. “Do you really think that will be the last stimulus of his 4-8 year presidency?”
No Comment