US President Joe Biden is planning another $ 3 trillion incentive package for Covid-19 aid and infrastructure. Supporters behind the Biden administration say this is positive for Bitcoin.
Since the coronavirus epidemic started to spread in America, politicians and US Fed members have distributed large sums of dollars to private interests and Wall Street trading houses. Americans received a $ 1,200 incentive check in the last program, followed by a $ 600 incentive check per person during the most recent incentive scheme.
Joe Biden management plans to distribute $ 3 trillion
Trillions of US dollars have already been issued for Covid-19, and it is estimated that a quarter of all existing US dollars were minted in 2020. Now reports show that US President Joe Biden plans to distribute another $ 3 trillion.
According to Axios.com writer Hans Nichols, Joe Biden is considering wanting to help Americans in two steps. Nichols notes that Americans could receive a $ 2,000 coronavirus payment, as well as a $ 3 trillion tax and infrastructure package. Nichols adds that Biden’s “Recovery” program will increase capital gains and the marginal tax rate for Americans, who represent the country’s top earners.
Can support bitcoin price
Ever since news broke out that Biden’s administration could allocate another $ 3 trillion to launch the “Recovery” program, cryptocurrency supporters have said the incentive will likely support Bitcoin.
On January 10, 2021, the Twitter account called “Bitcoin Archive” said, “When 3 trillion incentives were announced in July 2020, Bitcoin jumped 35%. If this happens again, it could increase BTC to $ 55,000. Joe Biden will announce another big incentive bill on Thursday, ”he said.
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 big increase in long dated calls in the area north of $100k
Market says, #bitcoin number go up to six figures by September
— Adiabatic Monetary Genius (@dbc___) January 10, 2021
The cryptocurrency Youtuber tweeted on “Ivan on Tech” about a $ 3 trillion incentive proposal from the Biden administration. “Biden is preparing a $ 3 trillion incentive,” wrote Ivan. “It will take the stock market and especially Bitcoin to crazy levels in February,” he added.
In a similar tweet, YouTuber Lark Davis said:
Massive new US stimulus package that comes with the new Biden administration. 3 trillion on the table. Bitcoin goes to Jupiter.
Meanwhile, other reports showing all the supporters behind the new Biden administration suggest that the next four years may see a lot of careless spending. Screechingkettle writer Jon Reynolds explained on Sunday “how bankers, defense firms, venture capitalists, private equity firms, telecom industries, intelligence community idiots and economic hitmen profit by donating to the Biden administration”.