Can the price of Bitcoin (BTC) rise with Donald Trump’s latest move?
While all eyes were focused on Ripple and XRP after the lawsuit, there was a development that could mobilize bitcoin (BTC). The U.S. recently approved a $ 900 billion coronavirus aid package. Donald Trump, on the other hand, has expressed his opposition at the last moment, saying he wants to increase the aid package. So how could this affect the price of Bitcoin?
Donald Trump wants to increase incentive payments
The day the United States approved a $ 900 billion coronavirus aid package, the price of Bitcoin experienced upward movement. President Donald Trump has said he wants to change that, describing the $ 600 payment incentive program for citizens as a “disgrace.” Trump intends to pass an incentive program in which he can increase the $ 600 payment to $ 2,000.
“I ask Congress to fix this plan and increase the ridiculously low $ 600 payment to $ 2,000 or $ 4,000 for couples.”
The $ 900 billion Kovid-19 stimulus package was approved last Sunday. Trump does not directly have the authority to increase the pay limit after that confirmation. Democrats in Congress made a similar statement after Trump’s announcement, saying they supported the wage hike.
How will Bitcoin be affected by this payment?
Spokeswoman Nancy Pelosi indicated her own side was prepared to raise that amount. Despite these disclosures, it is still not known whether the $ 600 payments will be increased to $ 2,000 or when. U.S. Treasury Secretary Steven Mnuchin said U.S. citizens could receive support payments “starting next week” after the law is approved.
It is known that the price of Bitcoin has risen with the previously announced incentive package. A minimum payment of $ 1,200 was made to citizens with the package approved in late March. It is not known whether this will have a similar effect again. But the limited supply and inflation-resistant model that Bitcoin has could turn more fiat money printing into an advantage for BTC. As a matter of fact, the difference between the BTC price during the first coronavirus incentive package period in the United States and the BTC price in recent days makes this clear.
With this fund, those who received Bitcoin at that time would have a chance to increase their incentive payments by about 300% by the end of December 2020.