Tyler Winklevoss has called the new coronavirus stimulus package “another $900 billion advertisement for Bitcoin.”
The United States Congress passed the new $900 billion COVID-19 stimulus bill into law on Monday ending the long-standing stalemate that plagued the negotiations for months. Per an earlier report by NPR, the United States Senate passed the new COVID-19 stimulus bill in 92-6 votes, complement an earlier move by the House of Representatives to ratify the bill.
The coronavirus pandemic has thus far shown no signs of slowing down in its massive infection rates following the induced lockdowns introduced back in the first quarter of the year. The closure of businesses caused many Americans to lose their jobs, ushering in a situation that has necessitated the rollout of a relief fund.
The first tranche of COVID-19 stimulus checks had long been exhausted by the American public and this new COVID-19 stimulus check has long been anticipated. Following the passage of this new bill, Americans can anticipate the delivery of the second batch of the stimulus check which would see each adult cash in about $600 with an equivalent amount for each child.
While House Speaker Nancy Pelosi (D-Calif) was very instrumental in helping to negotiate the deal, she praised the deal noting that “We want to do more,” pledging that the compromise represented “a first step” and more would be coming after President-elect Joe Biden took office.
Broader Implication of the New COVID-19 Stimulus Bill
Now that the new bill has been passed, it is bound to be succeeded by resounding economic impacts ranging from the devaluation of the US Dollar as well as the stirring of inflation. The new COVID-19 Stimulus bill will be funded with funds from government coffers that are bound to be sourced from the US Treasury.
To achieve this, more money has to be printed and this will correspondingly cause more money to be in circulation forming the basis for both the devaluation of the currency and subsequent inflation. The series of events that can lead to such broad economic inflation was evident when the first tranche of stimulus checks was issued and this situation may likely be repeated with the newly ratified bill,
Tyler Winklevoss: This is “Another $900 billion Advertisement for Bitcoin”
Tyler Winklevoss, the Co-founder and Chief Executive Officer of the Gemini cryptocurrency exchange and ardent Bitcoin advocate, has called the new coronavirus stimulus package “another $900 billion Advertisement for Bitcoin.”
Tyler Winklevoss has joined a group of government critics who doubly believes that the new bill is a worthy push that can favor the growth of Bitcoin. With the first tranche of stimulus checks, a good number of Americans invested their portion into buying Bitcoin and this behavior may likely repeat itself particularly seeing how the growth of Bitcoin makes headlines in mainstream media as it hits a new all-time high.
Bitcoin price is currently up 3.82% to $23,675 following the passage of the new stimulus bill.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
