The madman says…
What impact does the U.S. 'Build Back Better' bill have on the cryptocurrency market? To discuss this topic, we first need to understand the contents of the Build Back Better bill, which generally relates to economic stimulus (only relevant items listed):
Reduce individual and corporate tax burdens
Increase spending on defense, infrastructure, and manufacturing
Government debt increases by 3.8 trillion dollars over the next decade
Eliminate subsidies for renewable energy like solar (which could directly cut Tesla's annual profit in half, the reason for Musk's anger)
In other words, these few items mean exchanging dollar credit for national economic growth. If economic growth can cover the high interest brought on by debt, then this system can continue to operate. America will be great again. If economic growth does not meet expectations, this bill will push the U.S. toward the abyss.
In the short term, these actions are all economic stimuli, which are positive expectations for the future economy. This is also the reason why Nasdaq reached a new high early. For the cryptocurrency market, whether it's economic stimulus pushing Nasdaq higher or the dollar becoming worthless, Bitcoin has only one path: to continue rising.
Although there are rumors in the evening of a whale with 80,000 coins making wallet movements, and the trade war sparks again, Bitcoin still fluctuates around 108,000, just 4,000 dollars away from its historical high, ready to surge and break through at any moment.
Regarding Bitcoin's trends in July and August, the madman remains optimistic. The stablecoin bill + the Build Back Better bill + expectations for stablecoins from East University + restrictions on gold purchases from East University + expectations for Fed easing are all laying the groundwork for the trends in July and August. It's not yet time to worry; let’s keep playing music and dancing.
"[The Madman's Trend Analysis] Regarding the Bitcoin trends in July and August, the madman remains optimistic". This article was first published on (Blockke).
