See More

Fresh Biden Stimulus Package Could Help Boost Bitcoin

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • President-elect Joe Biden will announce a $1.5 trillion COVID-19 stimulus plan.
  • First round of Coronavirus stimulus checks helped to boost Bitcoin.
  • The new stimulus package could allow financially secure Americans to invest more into the cryptocurrency markets.
  • promo

President-elect Joe Biden will announce a fresh stimulus package next week in a bid to jump-start the US economy. The package, which commits to $1,400 individual stimulus checks, will total over $1.5 trillion.

This comes after the current administration’s failed attempts to secure $2,000 stimulus checks, due to opposition from Senate Republicans.

Now that the Democrats control both the House and the Senate, President-elect Biden can push for the higher figure without facing the same level of opposition the current administration has.

Moreover, the President-elect vowed to take the pandemic more seriously than the current president. The package will include a swath of supply-chain spending that aims to bolster the vaccine rollout program. 

The package will also designate funding specifically for minority communities. One transition official stated, “I think you will see a real emphasis on these underserved communities, where there is a lot of hard work to do.”

Coronavirus Layoff Unemployment Jobs

Biden Stimulus Plan

The stimulus checks come amid a historic rally in the cryptocurrency market. The market’s total market capitalization recently soared past $1 trillion as Bitcoin more than doubled its previous all-time high.

The market’s second-largest cryptocurrency, Ethereum, also saw some bullish price action as it teased a new all-time high.

In March, when the first round of stimulus checks was announced, Bitcoin rallied from a dip to the $3,000s.

Some in the community say this was a direct effect of wealthier Americans, who did not necessarily need government aid, spending the check on cryptocurrency investments.

Similarly, the latest round of $600 stimulus checks that Congress did actually pass has already started making their way to qualified Americans.

This comes as Bitcoin recovers from a recent correction after setting an all-time high at $41,941 last week.

BTC Bitcoin Rally Bull

Stimulating the Markets

The new administration looks to find a way to reverse the economic impact of the COVID-19 pandemic. The United States is one of the hardest-hit countries in the world according to official statistics.

Its economy is shedding jobs and is desperately in need of the jump-start the new administration hopes to provide.

Several vaccines are on the way but there are concerns the rollout process will take many months. The general population isn’t scheduled to receive the vaccine until Q3.

This means that more stimulus checks could potentially be handed out to Americans before this pandemic is over. Analysts will be recording the effect of the current aid and the promised $1,400 on the market.

If the suggestions are true that retail investors are not yet fully on the cryptocurrency bandwagon, these checks could be a major catalyst.

Top crypto projects in the US | June 2024



In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Emmanuel Young
Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.