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  • A further $3 trillion stimulus proposal passed the House of Representatives on Friday.
  • Effects of these monetary polices could have long-lasting detrimental consequences.
  • The bill is not expected to get through Congress.

The implications of the $3 trillion stimulus package that passed the House of Representatives on Friday were critiqued heavily on Crypto Twitter this weekend.

One of the most popular cryptocurrency analysts on TradingView and Twitter, @MagicPoopCannon, noted that such stimulus measures reduce purchasing power.

Per the comment, the various financial stimuli may offer immediate relief during the crisis — but the long term devaluation of the dollar will leave consumers in pain.

The bill itself includes measures for local governments as well as addressing payments to individuals including illegal immigrants. Other funds are earmarked for COVID-19 related spending, including testing and hazard pay for affected workers. Another $175 billion is tagged for housing support. The bill contains support measures for nearly every corner of the economy.

While the risks for long term pitfalls are obvious, later commenters pointed out that the bill will likely not pass the Senate, and President Trump has also promised to veto the measure. However, were it to pass, the total monetary increase by the United States Treasury would be staggering.

Jon Buck

With a background in science and writing, Jon's cryptophile days started in 2011 when he first heard about Bitcoin. Since then he's been learning, investing, and writing about cryptocurrencies and blockchain technology for some of the biggest publications and ICOs in the industry. After a brief stint in India, he and his family live in southern CA.

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