Main navigation

Tyler Winklevoss Describes $1.8 Trln Stimulus Proposal as Ad Campaign for Bitcoin

News
Fri, 10/09/2020 - 19:35
article image
Alex Dovbnya
Tyler Winklevoss believes stimulus money could send Bitcoin "to the moon"
Tyler Winklevoss Describes $1.8 Trln Stimulus Proposal as Ad Campaign for Bitcoin
Cover image via en.wikipedia.org
Read U.TODAY on
Google News

While Republicans and Democrats are busy negotiating on the size of the stimulus package, Gemini co-founder Tyler Winklevoss is convinced that there will be one winner in the end — Bitcoin.

In his tweet, Winklevoss describes the $1.8 trln proposal that is currently on the table as “an advertisement campaign” for the world’s largest cryptocurrency.

After abruptly ending stimulus talks earlier this week, U.S. President Donald Trump made a complete U-turn on Oct. 9 by raising the offer to the abovementioned sum.

It is not clear whether this will break the deadlock in negotiations given that House Speaker Nancy Pelosi is yet to agree to the proposal after dismissing previous deals. 

Trump then upped the ante by claiming that he would offer more relief money than either party.  

Related
Tim Draper Would Make Bitcoin (BTC) National Currency if Elected President

Senate Republicans — who are laser-focused on confirming Amy Coney Barrett to the U.S. Supreme Court — are highly unlikely to get behind the deal. As noted by market strategist Lyn Alden, they are less prone to deficits compared to Democrats and the POTUS.   

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

Money printing triggered by the global recession has been the main bullish thesis for Bitcoin throughout most of the year.

America’s budget deficit surged through the roof this year, recently surpassing a record $3 trln.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.