Trump's fiscal bomb: Bitcoin falls as the 68% tax rate causes nerves among investors
On Tuesday, Bitcoin dropped for the second consecutive day due to President Trump's threat regarding taxes that scared investors.
The warning comes as the U.S. Senate is about to vote on Trump's "big and beautiful bill." If this plan is not approved, taxes could increase.
The Commander in Chief of the U.S. said: "Failure to approve means a huge tax increase of 68%, the largest in history!"
Elon Musk, who donated a lot of money to Trump's reelection campaign, is one of the main opponents of the bill.
Musk said: "Every member of Congress who ran to cut government spending and then voted for the largest debt increase in history should be ashamed!" If approved, the U.S. national debt could increase by more than $3 trillion, according to reports.
On Tuesday, BTC/USD fell to its lowest level in a week, $106,362. Instead, investors rushed to XAUUSD. Gold had risen more than $100 to start the week.
