• Thu. Apr 25th, 2024

Bitcoin Blows up After US Senate Injection of $1.9 Trillion into Economy

Christian Klausen

ByChristian Klausen

Mar 8, 2021

COVID-19 has been a destructive force for economies all over the world. The recent wave of the on-going pandemic continues to rattle the US economy in the on-going year. After battling major political turbulence in an important economic development, the US House of Representatives has managed to pass a $ 1.9 billion COVID-19 relief fund. 

The US Senate is currently dominated by the Democratic Party and has managed to gather a favorable number of senators to pass this bill. According to official news from the senate, this bill would be formally passed this Tuesday (March 7, 2021) and would forward to President Biden to be made into law before March 14. A CNBC report briefs that this bill includes clauses to serve direct grants of up to $1,400 dollars to American citizens, a $ 300 weekly jobless grant boost, and a one-year child tax relief extension.

Bitcoin Recognition and Status as Digital Asset Cements

After confirmation of the COVID-19 relief bill Bitcoin started to rally and climbed to a position of $ 51.306. This peak reading can be seen on the Bitstamp exchange map visibly. Bitstamp is one of the most sought-after and reliable cryptocurrency exchange platforms in the world. According to Bitstamp statistics, the value of Bitcoin surged 8.02% in a span of 24 hours and went up to 76.92% from January 1, 2021.

This may seem good news to all US citizens and crypto holders. However, not everyone in the crypto market shares the same idea. Such a concern is expressed by Anthony Pompalino, who is the co-founder of a US based Digital Asset Management Firm, Morgan Creek. As per Pompalino, the US bill may have swelled up the asset value in the country; however it would negatively affect the remaining 45% of the non-investing US citizens.

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Cryptocurrencies to Enter Bigger Markets like India

On the other side of the spectrum, Congress house speaker Nancy Pelosi has issued a detailed statement about this relief bill’s ambitions and called for a “Bipartisan vote.” 

Some more great news for crypto hodlers comes all the way from the Indian plains as the presiding Finance Minister of India Nirmala Sitharaman told Bloomberg that the Reserve Bank of India is taking quorum on how to regulate and plan decentralized cryptocurrency in the second biggest economy of the world.    

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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