Trillions will Flood the U.S. Economy; What Does it Mean for Bitcoin?
The money printer goes Brrrr!! For several months now. The chugging of machines might be good music for crypto adherents.
With Joe Biden as President, however, it seems like more trillions keep coming.
Trillions printed out of thin air.
The future looks very expensive, according to analysts. When fiat appears to be sinking into a bottomless monetary pit, Bitcoin and cryptocurrency may benefit from this development.
Reports on May 27 indicated that President Joe Biden is looking to raise his budget for the next financial year to $6 trillion, ramping up in subsequent years before tapering in 2030.
On the table already is a $1.7 trillion budget and an additional $4 trillion meant to stimulate infrastructure development.
Republicans are sure to make a counteroffer.
The problem is, Democrats in Congress have the numbers, and as long as Joe proposes, his suggestion may get the nod.
Bad for citizens but positive for cryptocurrencies, especially the store-of-value assets like Bitcoin.
Last year when central banks chopped interest rates to near zero and cumulatively printed trillions, Bitcoin went on a tear, surging to over $20k before more than tripling to over $60k.
The Winklevoss Twins think the mismanagement of monetary policy by the FED will drive BTC to $500k.
Another moonswing for Bitcoin?