Trump’s Tax Bombshell: Bitcoin Dips as 68% Rate Sparks Investor Jitters
On Tuesday, Bitcoin went down for the second day in a row because President Trump's threat about taxes scared investors.
The warning comes as the US Senate is about to vote on Trump's "big beautiful bill." If this plan doesn't pass, taxes might go up.
The US Commander-in-Chief said, "The failure to pass means a huge 68% tax increase, the biggest in history!!!"
Elon Musk, who gave a lot of money to Trump's re-election campaign, is one of the bill's main opponents.
Musk said, "Every member of Congress who ran on cutting government spending and then voted for the biggest debt increase in history should be ashamed of themselves!" If it passes, the US national debt might go up 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 gone up more than $100 to start the week.
