Why Joe Biden’s $3T Stimulus Package Could Add Fuel to Bitcoin’s Rally

Why Joe Biden’s $3T Stimulus Package Could Add Fuel to Bitcoin’s Rally


The Democratic party narrowly triumphed in Georgia elections held earlier this week, wresting control of the U.S. Senate from the Republicans. As such, the Democratic-controlled House of Representatives now has more freedom to implement its policies.

Analysts at UBS Bank believe the unified government legislature will smooth the path to more fiscal stimulus. According to an Axios report, President-elect Joe Biden is considering a two-pronged stimulus effort in the form of $2,000 checks for Americans and a tax and infrastructure spending package worth $3 trillion.

The new fiscal stimulus is expected to boost inflation, weaken the U.S. dollar and bring more buyers for scare assets such as bitcoin and gold.

Alex Melikhov, CEO and founder of Equilibrium and the EOSDT stablecoin, told CoinDesk that the extra stimulus would inject more liquidity into markets and likely fuel further bitcoin price rises.

The leading cryptocurrency is already in a strong

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