According to various reports, U.S. President-elect Joe Biden is planning to create another $3 trillion for Covid-19 relief and infrastructure. The massive stimulus plan and the backers behind the Biden administration have made crypto proponents believe that bitcoin will prosper greatly.
Biden Proposes to Finance Covid-19 Relief and Infrastructure With $3 Trillion
Ever since the coronavirus outbreak took hold across America, politicians and members of the U.S. Federal Reserve has distributed massive amounts of dollars to special interests and Wall Street trading houses. Americans did get a stimulus check for $1,200 during the last program, and then $600 per person during the most recent stimulus plan.
Trillions of U.S. dollars have already been issued for Covid-19, and it is estimated that a quarter of all the USD in existence was minted in 2020. Now reports indicate that U.S. President-elect Joe Biden is planning to distribute another $3 trillion when his administration takes office.
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 get a $2,000 coronavirus payment, alongside a tax and infrastructure package worth $3 trillion. Nichols also adds that Biden’s “Build Back Better” program will increase capital gains and the marginal tax rate for Americans who represent the country’s top earners.
Crypto Proponents Believe Stimulus Will Bolster Bitcoin
Ever since the news came out that Biden may create another $3 trillion to kickstart his administration’s “Build Back Better” program, cryptocurrency supporters said that the stimulus will likely bolster bitcoin.
On January 10, 2021, the Twitter account dubbed “Bitcoin Archive” wrote “bitcoin jumped +35% when the 3 trillion in stimulus was…