The US Senate passed a $ 1,900 billion bailout package to revive the devastated economy, a move that President Joe Biden called “a giant step forward”.
The US Senate reached 50 positive and 49 negative votes in the March 6 vote to pass the bill “American Rescue Plan” proposed by Biden. A total of 50 votes in favor of Democrats and Vice President Kamala Harris, who also held the presidency of Senate, broke the deadlock with the 51st ballot.
The bill includes $ 1,400 billion to distribute to most Americans, $ 350 billion to state and local governments, and $ 130 billion to schools. The bill will also provide $ 49 billion to expand Covid-19 testing, traceability and research, as well as $ 14 billion to distribute vaccines.
The bailout bill proposed by Biden is the second largest bailout package in US history, after last year’s $ 2 trillion CARES Act. Finance Minister Janet Yellen welcomed the Senate vote, saying that if the bill is not passed, it could take two years for the economy to return to pre-Covid-19 levels, creating “economic scars. extending after the end of the pandemic ”.
Why is this important to the world of cryptocurrencies
Because the stimulus package will likely be a boost to the stock market, it could also provide a pump for cryptocurrencies, especially if the stimulus check recipients use that money to buy coins.
Cryptocurrency investors have been betting for months that the cash inflow of Governments and Central Banks pumped out against the economic slowdown caused by Covid-19 will eventually lead to inflation, and of course, in Bitcoin’s favor.
In the past, America’s pumped money had brought bitcoin’s price to all-time highs thereafter.
However, in the future, no one else, the next generation will be the one to pay the debts that their parents borrowed today, at a much more expensive price.
Remember, Satoshi Nakamoto invented bitcoin to fight inflation, against the bluff of money printing by governments, in fact a form of pickpocketing people holding cash in the economic crisis. gender 2008-2009. Bitcoin was born for the purpose of keeping wealth for the people.
After the news, the bitcoin price has moved back to positive territory, rapidly rising by $ 1,000. At press time, the price of BTC is $ 49,700, up almost 2% over the past 24 hours.