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Home Crypto Bitcoin

Edward Snowden says Bitcoin will benefit from the $6 trillion stimulus

by Reshab Agarwal
May 29, 2021
in Bitcoin, Crypto, News, Trending
Reading Time: 2 mins read
0
Edward Snowden says Bitcoin will benefit from the $6 trillion stimulus

Former U.S. spy agency contractor Edward Snowden is interviewed by The Guardian in his hotel room in Hong Kong...Former U.S. spy agency contractor Edward Snowden is seen in this still image taken from video during an interview by The Guardian in his hotel room in Hong Kong June 6, 2013. Snowden was on July 24, 2013 granted documents that will allow him to leave a Moscow airport where he is holed up, an airport source said on Wednesday. The official, who spoke on condition of anonymity, said Snowden, who is wanted by the United States for leaking details of U.S. government intelligence programmes, was expected to meet his lawyer at Sheremetyevo airport later on Wednesday after lodging a request for temporary asylum in Russia. The immigration authorities declined immediate comment. Picture taken June 6, 2013. MANDATORY CREDIT. REUTERS/Glenn Greenwald/Laura Poitras/Courtesy of The Guardian/Handout via Reuters (CHINA - Tags: POLITICS MEDIA) ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. FOR EDITORIAL USE ONLY. NOT FOR SALE FOR MARKETING OR ADVERTISING CAMPAIGNS. NO SALES. NO ARCHIVES. THIS PICTURE IS DISTRIBUTED EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS. NO THIRD PARTY SALES. NOT FOR USE BY REUTERS THIRD PARTY DISTRIBUTORS. MANDATORY CREDIT

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The US government has proposed another stimulus worth $6 trillion for COVID relief. To this Edward Snowden has commented that this is good for Bitcoin. And maybe it will be what will take Bitcoin past $42k again. The idea is simple Bitcoin is measured in dollars which is inflationary. So, on printing money as the value of the dollar decreases, the value of Bitcoin in terms of dollars should increase.

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Even in the past whenever the government has printed money, Bitcoin has seen huge price surges. But all those times the stimulus checks were below $3 trillion. So, you should not anything less when another $6 trillion is printed.

The $6 trillion stimulus proposal and Edward’s comment

Edward Snowden says $6 trillion stimulus is good for Bitcoin
Image Source: NPR

Edward Snowden has been a computer intelligence consultant at the National Security Agency and has also worked with the CIA. So, when he says something like this, it can be taken seriously. Well, Biden thinks that by releasing stimulus checks he is benefitting the US, but actually, he is ruining the economy. And the bad economy is good for Bitcoin because the higher the inflation rate higher will be the price of Bitcoin.

Edward also talked about buying Bitcoin back in 2020 when we all witnessed Black Thursday. Back then he said that the recent crash was just “too much panic and too little reason.” This makes sense as there was nothing much that backed the price drop of Bitcoin. It seemed more like manipulation by whales who wanted to buy back in at a much lower price.

What could happen if the stimulus check passes?

After the recent price crash of Bitcoin, it has been recovering slowly and has managed to head to $40k. But every time it tries to break through, bears take control and the price falls drastically. This is why Bitcoin is unable to recover the losses. So, if the news of the new stimulus check comes around a time when the price of bitcoin is at $40k, it will be good enough to break through the strong resistance at that range. And if that happens we can see a fast increase to $50k where there is also a lot of resistance.


What are your thoughts on the $6 trillion stimulus check that Biden has announced? And do you think it will help Bitcoin break past $42k? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.

Also Read: Convenience store Sheetz will now accept crypto as payment

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Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

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