Strong Economic Indicators Abound As Cross-Sector Bitcoin Adoption Grows
Joe Biden’s recent budget proposal would result in significant budget deficits for the foreseeable future. Janet Yellen supported the measures, despite her admittance that it may affect inflation and interest rates. Several U.S. states are clamoring to lead the cryptocurrency revolution within the country by offering tax incentives and legal frameworks for investing. Notable investors, including Carl Icahn and Ray Dalio, are increasingly optimistic about Bitcoin, and FinTech companies continue adding support for Bitcoin. Biden Pushes Several Spending Measures While The Economy Continues Its Recovery The Biden administration announced a $6 trillion budget proposal with an expected annual budget deficit of $1.3 trillion. The plan includes increased spending on education, healthcare, and investments into renewable energy. Janet Yellen supported the proposed spending increases, stating that “these are investments our economy needs to be competitive and to be productive”. Senate Republicans have countered Biden’s $1.7 trillion infrastructure package with a proposal that allocates $928 billion to infrastructure development. Meanwhile, economic recovery is showing signs of being well underway; last week, jobless claims marked a post-pandemic low of 406,000. In addition, consumer spending rose 0.5% in April, and is now just 2% below the previous highs from February 2020. The S&P 500 …
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