US Struggles to Set Budget for COVID-19 Relief
The US has been planning on releasing the second round of stimulus checks to provide economic relief during the ongoing coronavirus pandemic. O n Thursday evening, senior administration officials of Congress and the Democratic party got together to discuss the budget for the second round of economic relief they are looking to provide , but both sides were unable to reach an agreement following a three-hour meeting.
Politicians on both ends were not able to reach an agreement on a price tag for the stimulus package , with Democratic rep resentative Pelosi demanding a budget of $3.4 trillion. Republicans have evidently not consented to this, and it is unclear when US Congress will roll out a definitive number.
Winklevoss Backs Bitcoin
Bitcoin billionaire Cameron Winklevoss addressed the po liticians’ inability to reach an agreement and said that it was a wakeup call to diverge from and invest in Bitcoin. The co-founder and CEO of the crypto exchange giant Gemini took to his Twitter platform and said :
“The US dollar has become such funny money that politicians are now ‘trillions of dollars apart’ in stimulus negotiations. Remember when a billion was a big number? If this isn't a wakeup call and an endorsement of #Bitcoin, I don't know what is.”
Attributing much of his financial success to Bitcoin, the billionaire has in the past also been very vocal about his views regarding Bitcoin and a strong advocate of the “digital gold” cryptocurrency.
He thinks that with the depreciation of the US dollar due to mass printing for COVID-19 relief, Bitcoin is the way to go in terms of investment. Winklevoss is anticipating the next Bitcoin bull run, as the crypto industry is ever - c hanging and he thinks that the capital, infrastructure, and projects revolving around crypto are more innovative and advanced than before .
Bitcoin is currently valued to be around $11,800 in market capitalization, but crypto enthusiasts are avidly monitoring it for its next surge.
Thursday, 24 October 2019