2 November 2024
1.8 Trillion USD Stimulus Package Could Send Bitcoin To The Moon
The government of the United States is planning to bring a $1.8 trillion stimulus package into the American economy to shield the effects of the pandemic on the economy.
The Gemini crypto exchange co-founder Tyler Winklevoss believes this plan proves why the leading digital cryptocurrency, bitcoin, should be accepted by the general public.
The earlier proposal was $1.6 trillion was President urging negotiators on both sides to “Go big!”
Talking about the stimulus package, it is a set of measures put in place by the government of a country in an attempt to revive its dying economy. Countries usually use a stimulus package to help “restart” the economy, increase the spending power of the people, and protect jobs from being lost.
There are many countries that are proposing a stimulus package for their economy due to the effect of the pandemic, but such stimulus tends to create the possibility of hyperinflation which leads to a significant drop in the value of the currency.
As per Tyler Winklevoss, the ability of the Federal Bank to be able to print new money out of nothing proves the validity of Bitcoin. He stated that there can only be 21 million Bitcoin in existence, and the Federal Government can print as many dollars as they want, then the value of Bitcoin holds more than the dollar.
In Tyler's previous tweet, he said that TC would be as strong as ever after the pandemic, and with many others believing that the dollar has lost its strong allure.
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