As the time approaches when Donald Trump will be leaving the office for Joe Biden, all eyes are focused on the new president. With the new president soon to rule from the White House, the cryptocurrency industry has its fingers crossed.
The crypto-industry is hopeful that the new president will have a soft corner for the industry and will introduce flexible regulations to accommodate the industry in the U.S.
It may seem a coincidence but the recent action taken by Joe Biden’s administration is turning out to be favorable for the cryptocurrency industry. Ever since Joe Biden became the 46th president of the U.S.A., he has hoped to flood the country’s economy with trillions of dollars.
In the past few years, the United States dollar is constantly losing its value and worth in the global economy. Just recently, the largest commodity in the world, Gold, which managed to gain 2% increase in its value against the dollar. With the course of time, the world economic demographics are changing and people are now shifting to new and more reliable sources of investments.
This is where the cryptocurrency industry has earned itself that right and element. With the passage of time, more and more investors have shifted towards the cryptocurrency industry. Out of all the cryptocurrencies, the investors’ main focus is towards one cryptocurrency in particular and that is Bitcoin (BTC).
Now that the dollar is losing its ground and worth in the global economy, investors are seeking shelter in the Bitcoin (BTC) investment bunkers.
As per the latest news, the new president of the United States (Joe Biden) has made a proposal to the U.S. Congress. He has requested the U.S. Congress to provide the citizens of America with the Stimulus checks that would be worth $2,000. To support his proposal, Biden stated that the stimulus checks will help the U.S. citizens to survive through the economic downfall that has been caused by the pandemic.
In addition to the Stimulus checks proposal, Biden has also proposed the “Build Back Better” program. The program will see the U.S. Congress approve a $3 trillion infrastructure and tax package.
Biden also quoted the recent reports rotating around the loss of jobs that have been recorded just in the month of December 2020. He stated that the loss of jobs is evidence that the country’s economy is holding by a straw. Therefore, these stimulus checks can be the hands that offer support and pull the economy out of trouble of taking a further plunge.
As per many analysts, it is being speculated that once the people of America get their $2,000 Stimulus checks, the majority of them will be running to the cryptocurrency exchanges. Their main focus will be to buy Bitcoin (BTC) with their checks and when that happens, Bitcoin (BTC) prices will be shooting through the ceilings.