Biden Rejected $1.9 Trillion COVID Relief, But What About BTC?

Biden rejected the $1.9 trillion COVID relief bill and this is expected to have a huge effect on Bitcoin as we can see more in our latest BTC news.

The United States President Joe Biden rejected the proposal for a COVID-19 relief bill that would have seen $618 billion allocated to all American households and businesses that struggled during the pandemic. Biden and Janet Yellen dismissed the sum which is in fact the size of Bitcoin’s entire market capitalization as insufficient for stimulating the economy during the current pandemic. Democrats voted along the lines of the party in the US Senate to push through the relief bill that will see the GOP proposed sum rise to .
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9 trillion. Senate leader Chuck Schumer said that anything less than this proposal will leave the country managing a crisis for a very long time:

 “If we did a package that small, we’d be mired in the COVID crisis for years.”

On the same day, the House of Representatives took a partisan vote on the bill renegotiation and democrats won 216 to 210 with no republicans showing support. The Federal reserve even printed more money in 2020 while the country nears a debt of $28 trillion. This leaves the country with a debt to GDP ratio of 130% which is the highest level ever recorded. Some think that the FED money practices benefit Bitcoin by creating uncertainty, fear, and doubt on the US dollar as Gemini CEO Tyler Winklevoss, previously noted that the FED primes BTC for a bull run each time it starts printing more money.

However, the bull run could not be as bullish as it seems as the number of dollars that were created in 2020 was about a fifth of the dollars printed. The inflation stole from Bitcoin’s buying power and they are still valued against the US dollar. Biden’s proposal represented a sizeable reduction from the initial $3 trillion sums that was first suggested in January. If these efforts turn out to stimulate the economy, then bitcoin’s price will be a strong subject of speculation. It’s worth noting however that the coin’s value has increased by 700% since the start of the pandemic.

Speaking about Joe Biden, Novogratz hopes that the new Biden administration will reverse the negative stance on crypto that Trump had as he thinks that the United States is in need of open-minded crypto regulation.