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Bitcoin Price Eyes More Explosions as Biden Considers New $3tn Package

Bitcoin investors keen to profit from Joe Biden’s presidency have received another bullish update from the oval office: a $3 trillion government spending package.
According to two sources in the White House, Mr. Biden is considering a plan from his top advisors to boost infrastructure, clean energy, childcare, and education with another stimulus. The additional fiscal support, which follows the US president’s $1.9 trillion coronavirus aid, would address structural insufficiencies affecting the US economy.
“Relief is headed out the door thanks to the American Rescue Plan, and @POTUS [the president] is focused on building our economy back better, and ideas he talked about on the campaign trail, from investing in infrastructure to caregiving to making sure the tax code rewards work and not wealth,” Jen Psaki, White House press secretary, said on Twitter on Monday.
“[His] focus will be on jobs and making life better for Americans,” she added. “He considers a range of options, scopes, and sizes of plans and will discuss with his policy team in the days ahead. Still, speculation is premature, given @POTUS does not plan to layout additional details this week.”
Another Bitcoin Boom on Cards?
The cash injections, coupled with the ongoing money supply from the Federal Reserve, expect to increase inflation, lifting appeal for hedging assets like bitcoin.
More tailwinds for the cryptocurrency could appear as the US central bank remains committed to tolerating inflation above 2 percent, meaning it would not introduce any rate hikes to contain it. The Fed maintains benchmark lending …
Story continues on Bitcoinist

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Bitcoin Crashes $5500 Below $53K Upon Severe Correction (Market Watch)

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