Ever since the COVID-19 outbreak, U.S. citizens have received two stimulus packages from the government. According to the recent reports, the U.S. President-elect Joe Biden, will be rolling out another stimulus package worth $3 trillion. The major purpose of this package is for COVID-19 relief. Some of the important people from the Biden administration who are also behind this stimulus package are indicating that Biden’s $3T stimulus plan might also help to strengthen Bitcoin. This is because those people have told crypto proponents that Bitcoin will experience a huge surge in the coming time.
Biden’s $3T Stimulus Plan Will Finance COVID-19 Relief
Biden’s $3T stimulus plan will majorly focus on financing COVID-19 relief as the U.S. has been hit very severely from the virus. Before this, U.S. people have also received stimulus packages, two times and they were $1200 and $600 per person. Along with this, it has also been seen that the U.S. has printed an extensive amount of USD in 2020. Not only this $3 trillion plan, Americans might also get $2,000 coronavirus payment from the Biden administration. Biden will also introduce his “Build Back Better” program, which is meant to increase the overall capital gains.
Bitcoin Surged by 35% With Announcement of Stimulus Package
When Biden’s $3T stimulus plan was announced, Bitcoin had seen a surge of 35%. It is now believed that stimulus package is going to take both stock and crypto market to another level. Lark Davis, a famous YouTuber, has said:
“Massive new U.S. stimulus package coming with the new Biden administration. 3 trillion on the table. Bitcoin [is] going to Jupiter.”
In the next four years, a lot of new developments will be coming in different sectors and the crypto market is keeping high hopes with the incoming Biden administration. Previously, there were also talks that the Biden administration could roll out new crypto regulations.