Bitcoin has been struggling for some time now, and its ultimate itinerary was unknown still, but yesterday, a glimmer of hope came around as it did break the $50k barrier and was heading towards the consistency of the bullish run. Well, apart from that, another great thing did happen for Bitcoin today where COVID-19 relief bill approximately of the size $1.9 trillion got passed by the Senate democrats and will now take effect shortly.
As proposed earlier that if this bill gets through, then a large portion of it would eventually be landing into the crypto market and that just happened. As it has been approved and is on its way to be practiced shortly, that means funds will be roaring out of the bill and into the people’s hands, and possibly some investors would consider or eventually would invest a portion of it into the crypto market.
It also means that the overall price of Bitcoin is above 8.02%. On the other hand, this bill will help pay direct money to most Americans corresponding to around $1400 or even more, and a $300 weekly boost will be provided to the jobless bunch in the form of benefits.
Relief Bill is Important for Americans
A press release was conducted where the House speaker Nancy Pelosi made an endearing statement about how this bill was extremely important and what good it will bring into Americans’ lives. According to the statement, the bill was proposed by US president Biden and had the characteristics of a rescue bill that will help the Americans save their lives and livelihood. The economic crisis proposed by Corona Virus is a real challenge, and it has badly affected not only America but also other strong nations of the world.
So, this bill would help a lot not only in taking the control back from the economic ruin this virus has spread but to start again and only stronger. It will put children back into schools, hospitals back to their optimum functioning, industries, and factories into operation, and most importantly, pulling back the economy from the deep plummet where it currently resides. Furthermore, this bill will also help the crypto market to have some stability over the years and Bitcoin’s price to have a consistent surge, or so it is hoped.