- Earlier this week, an emergency stimulus package was revealed by the White House to give the economy some leeway against the coronavirus pandemic.
- The top economic advisor to the White House said this package is expected to come to an estimated $6 trillion.
Earlier this week on the 24th of March, an emergency stimulus package was revealed by the White House in order to give the United States economy some leeway against the coronavirus pandemic. The top economic advisor to the White House, Larry Kudlow, said this package is expected to come to an estimated $6 trillion. Looking back in history books, you won’t see any financial package of its kind bigger than this one.
According to Charles Edwards of Capriole, this humongous financial stimulus package is the exact reason as to why there are now 6 trillion reasons the leading cryptocurrency, bitcoin is worth more.
6 trillion reasons #Bitcoin is worth more today.— Charles Edwards (@caprioleio) March 25, 2020
If just 1-in-20 of those $1200 checks ends up in Bitcoin, it would represent 15% of Bitcoin's total market cap today.
In a briefing this week, the White House announced that the country is set to launch the aid package against the coronavirus which is said to reach $6 trillion. Out of the $6 trillion, $4 trillion will be for lending by the federal reserve with the remaining $2 trillion being directed in checks to American citizens.
So as of the 24th of March, the White House and the Senate have agreed on the $2 trillion stimulus package deal. With this, the public will be receiving $1200 in checks in an attempt to prevent the economy from collapsing.