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Tyler Winklevoss believes that the economic stimulus package is an ad campaign for Bitcoin

Photo of: Sangeetha Golchha
by Sangeetha Golchha

The Stimulus to boost the economy is still on the burner, considering that the Republicans and Democrats are still negotiating how much stimulus will help boost the US economy. But Donald Trump after an unpredictable stand on this last week has seemingly raised the amount of the stimulus package to be offered at $1.8 billion. The negotiations are still on, and to date, all the proposals were logjammed that it has not seen the light of the day. To top it all, speaker of the House Nancy Pelosi has been refusing previous deals and we are still unsure what is to be of this $1.8 trillion stimulus package. 

But one person knows that whatever the stimulus package is, there is going to be one winner which will emerge in the end. Yes, we are talking about Gemini Co-founder Tyler Winklevoss who tweeted recently that in the end, Bitcoin will win. 

Source Twitter

The White House increased its offer to Democrats on a coronavirus-relief packaging intending to close the gap between the parties in the ongoing efforts to pass new aid for households and businesses before the election. Treasury speaker Steven Mnuchin presented the proposal of more than $1.8 trillion on Friday making it the largest bid of the Trump Administration made to Democrats over months of talks. 

The new offer was a straight U-turn after a volatile week of negotiations. Trump managed to revive new negotiations in what was considered hopeless last week. But Tyler Winklevoss is hopeful of one thing and that the new set of offerings and negotiations for the stimulus proposal is nothing less than an advertisement for Bitcoin. In his Tweet, he wrote, “Campaign for Bitcoin. To the Moon”

The Senate is focusing on confirming Supreme Court nominee Amy Coney Barrett in the remaining weeks. Even if the Trump administration and the Speaker agree on it, many Senate Republicans oppose a major round of stimulus aid making the passing of this package really difficult. According to Lyn Alden, they are less likely to experience a deficit as compared to Democrats and the POTUS. 

“The U.S. Senate is the place to watch, both pre-election and in terms of the election outcome. In this environment, Democrats like deficits, and Trump likes deficits. Republican senators, far less so.”

Last week the Democrats had passed a stimulus package of $2.2 trillion aid.This was a scaled-back version of its earlier figure of $3.5 Trillion. The White House had previously proposed a $1.6 trillion offer. Later on the administration confirmed that it was willing to exceed the level of overall spending but would want to keep it below $2 trillion hence arrived at the figure $1.8 trillion. 

The printing of fiat currency presents for the Bitcoin an hypothesis of Bullish trends because adoptions worldwide are increasing. The budget deficit of the US economy is hovering near the $3 trillion mark which is considered the highest ever even surpassing the previous record mostly triggered by the pandemic.