The White House Stimulus Package is a Boost for Bitcoin
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Amidst the coronavirus crisis, the US economy is on the verge of crashing. In order to help businesses stay alive, the White House has introduced a stimulus package. It’s the largest financial stimulus package in the history of the USA, and what’s most interesting about it is the creation of the new so-called digital dollar which is similar to Bitcoin in some ways.
Public Interest in Digital Currencies Soars
With the market close to crashing, the White House has released a bill that introduces digital currencies in the USA for the first time and officially. The H.R. 6321 bill proposes financial protection and assistance for Americans affected by the pandemic. All recipients of the stimulus package will receive a redeemable electronic unit of value that can be accessed via a digital wallet via electronic services.
Although this unit is not nearly close to Bitcoin since it’s not on the blockchain, it’ll still boost Bitcoin’s value. For the first time in history, Americans will have the chance to see how digital currencies work and why they’re the future of our economy.
Make no mistake – Bitcoin will pump hard in the following weeks. Interest in digital currencies and the blockchain has jumped up since the announcement of the stimulus package, even if the two are unrelated. The proposed dollar would be maintained by the central banking system, yet it will definitely raise interest in BTC in the short and long run.
The stimulus package will give all adult US citizens with a salary below $75,000 per year $2,000 per month in digital assets. All individuals under 18 are also set to receive $1,000 per month. The package is set to help people and businesses cope with the economic impact of the COVID-19 outbreak which has been going on for weeks and could stretch for months.
In the USA alone, over 10,000 people are diagnosed with the virus infection every day. Hundreds of people die every day while governors are fighting hard to introduce measures that would curb the spread of the infection. Although China seems to have defeated it, Europe, especially Italy and Spain, are now the focus of infection with thousands of people already dead.
What Does This Mean for Bitcoin?
The stimulus package is nothing but good news for the leading cryptocurrency in the world. Although it comes in challenging times, it’ll surely get a massive boost due to the inclusion of digital currencies in the stimulus package. This is further bolstered by the fact that many European countries such as France have deemed Bitcoin legal just before the pandemic started.
Bitcoin’s price is already up these days and it’s all thanks to the package. Although the digital dollars and Bitcoin are different in their core, they are cut from the same cloth as potential currencies of the future.
With interest in Bitcoin sky-high at the moment, the cryptocurrency price will shatter records on its way up as soon as the pandemic is defeated.
