New Biden $3 Trillion Stimulus Could Move More Money Into Crypto

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Last Updated on 25 March 2021 by CryptoTips.eu

Jeroen Kok

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Charles Hoskinson, the founder of Cardano and CEO of Input Output HongKong, is a centre-right American who will rather support the Republicans than the Democrats. He is thus not too hyped up when it comes to the new Biden stimulus. Wait, you think we’re still talking about the $1.9 trillion Covid stimulus that the White House passed two weeks ago.

No no no, we’re way beyond that already. Seeing the popularity of his last bill, the Biden administration will soon ask the House (where the Democrats control a working majority) for another $3 trillion package of investments on infrastructure and domestic needs.

Sounds like Federal Reserve chairman Jerome Powell will be greasing up the wheels of the money printers again. What does it all mean for crypto though?

Advertentie.

Deflation and infrastructure

Although no one doubts that the US infrastructure is in need of some serious revamping to keep it’s roads, bridges and electricity in tip top shape (we refer to the winter storms that recently shut down Texas, the largest US state), no one expected Joe Biden to move this fast when it comes to asking Congress for even more stimulus.

Hoskinson for one was not too happy about it (as more money printing will deflate the US dollar further and risk rising inflation) and tweeted a link to a video by comedian Remy who performed his own version of Cardi B’s hit WAP. They called it Fed Asst’d Printing.

YouTube video

You want a wall in your backyard? Extra large and extra hard? But you ain’t got the cash to pay? Just use that press like a credit card. Grow that debt, print that cash. It’s like a tax that never passed. You want wars that never end? Man, this beats funding them like that.

One thing is sure, if this passes, Wall Street institutions will agree wholeheartedly with Ray Dalio who warned that the Biden team would go on a massive stimulus spree.

Dalio’s advice is to diversify, which according to CNBC’s latest media agreement means at least a part of it in crypto (Bitcoin, Ethereum and other Dogecoins can expect some part of that then).

Hoskinson may not be happy about it, but some of that stimulus money will probably mean more investment for Cardano.

Printing press, I’m impressed, is a big loaner So the debt’s now looking like a big grower Now to see the spike you don’t need a decoder.

Gotta admit, catchy tune.

MarkoAliaksandr / Depositphotos.com