Can US Congress’ response to coronavirus boost Bitcoin adoption?

Can US Congress response to coronavirus boost Bitcoin adoption

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Bitcoin adoption rate could soon witness spike as Congresswoman and member of Democratic Party Maxine Waters’ proposal to hand out two thousand US dollars ($2000) to each American citizen as a means to help them fight the coronavirus pandemic could drive people towards Bitcoin, Mati Greenspan told CoinTelegraph.

On Wednesday, the Trump administration and the members of Congress stepped up the coronavirus fight by taking drastic measures and setting aside a substantial impetus package of one trillion US dollars ($1 trillion) as a part of extensive rescue initiatives.

US intensifies its fight against the virus

According to the proposal laid out by Rep. Maxine Waters, every adult and child in America will be entitled to receive two thousand US dollars ($2000) and one thousand US dollars ($1000) per month of the crisis, respectively, thereby stepping up its efforts to stabilize the failing economy amid the Covid-19 crisis. 

Moreover, it is proposed that there will be a temporary suspension of credit payments in the form of mortgages, student loans, small business, and personal loans. Waters has also suggested that rental and utility payments be waived off during such times so that people can use their reserves to buy essentials and are able to afford healthcare.

Clearly, the proposed measures are an indicator of how desperate the global monetary system is today, with some renowned economists like Nouriel Roubini predicting the worst-ever recession in the months to come. Indeed, tough times lie ahead of all of us.

Bitcoin adoption is on the way, Greenspan

However, Mati Greenspan, a renowned investor, analyst, and founder of Quantum Economics, told CoinTelegraph on Thursday that he was, in fact, surprised to read the contents of the proposal. According to him, the generous handout of two thousand dollars will cause massive inflation as there will be more money in the market for the same amount of goods. 

President Trump is never going to approve it as long as he is in force if you ask me, Greenspan argued. However, that could change post the United States presidential election, which is scheduled for November 2020. If the Democrats win the election, they will have the upper hand, Greenspan asserted.

I believe Bitcoin will see a massive surge in demand in the months to come. The value of fiat currency is depreciating, and during these uncertain times, anything that holds value is going to experience demand, he said.

Greenspan also added that one wrong move by the government and people would turn to alternative forms of currencies, such as digital currencies. It is definitely going to intensify Bitcoin adoption, if not other cryptocurrencies, he explained. 

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Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

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