Joe Biden’s tenure as the US president has been marked with financially intensive projects like the stimulus checks given to members of the public to cushion the harsh effects of the Covid-19 pandemic. It seems he isn’t resting on his oars, as he recently unveiled plans to inject 1.8 trillion into the economy targeted at children, families and the educational sector.
Bitcoin and other cryptocurrencies could potentially reap the rewards from such a move as it has done in times past. With the market capitalization hovering at just over $2 trillion, this latest cash inflow could trickle into the ecosystem and send coins on a bullish run.
Biden Knows How to Spend Money
President Biden has earned himself a reputation for spending funds on highly ambitious projects which have endeared him to the American citizenry. After three rounds of stimulus checks, and with a fourth currently being deliberated, President Biden recently unveiled a $1.8 trillion social spending plan to bolster existing infrastructure and healthcare.
Biden made this declaration on the eve of his 100 day anniversary and announced that this ambitious project will be largely funded by the wealthiest people in the country. He noted that the fund was not just earmarked for building but for the “need to build back better”. Biden said that the country is on the course of advancement and is at “a great inflection point in history.”
To raise money, Biden suggested that the time is ripe for huge corporations and wealthy individuals that have made their money from the country to pay their “fair share”. The President made calls for increasing the taxes accruable from large companies and wealthy individuals who are currently evading taxes, as a large portion of corporations managed to pay zero in income taxes in 2020.
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