Concerned Experts Fear Trump's Proposed Bill Will Push Bitcoin to US$90 Thousand
Crypto entrepreneur Arthur Hayes expressed his concerns about the 'Great and Beautiful' Bill proposed by U.S. President Donald Trump. According to him, the bill could cause Bitcoin to drop to US$90,000 after being enacted.
The former chairman of the crypto exchange BitMEX stated that this bill aims to cut taxes and increase the debt ceiling, which could lead the U.S. Treasury to borrow more.
As information, the bill has passed in the House of Representatives (DPR) some time ago, after previously passing in the Senate. President Trump is expected to sign the bill into law on July 4, coinciding with the country's independence day.
The Treasury Department will refill its general account, creating potential liquidity drain from the market, which in turn will affect the prices of assets like Bitcoin. Nevertheless, he believes Bitcoin will continue to rise afterward.
"Proceed with caution. The bullish market may be disrupted for a short time," said Hayes.