Winklevoss Sees US Stimulus Negotiation Fail as a “Wakeup Call And an Endorsement of Bitcoin”

US Struggles to Set Budget for COVID-19 Relief

The US has been planning on releasing the second round of stimulus checks to provide economic relief during the ongoing coronavirus pandemic. On Thursday evening, senior administration officials of Congress and the Democratic party got together to discuss the budget for the second round of economic relief they are looking to provide, but both sides were unable to reach an agreement following a three-hour meeting. 

Politicians on both ends were not able to reach an agreement on a price tag for the stimulus package, with Democratic representative Pelosi demanding a budget of $3.4 trillion. Republicans have evidently not consented to this, and it is unclear when US Congress will roll out a definitive number. 

Winklevoss Backs Bitcoin 

Bitcoin billionaire Cameron Winklevoss addressed the politicians’ inability to reach an agreement and said that it was a wakeup call to diverge from fiat and invest in Bitcoin. The co-founder and CEO of the crypto exchange giant Gemini took to his Twitter platform and said: 

“The US dollar has become such funny money that politicians are now ‘trillions of dollars apart’ in stimulus negotiations. Remember when a billion was a big number? If this isn't a wakeup call and an endorsement of #Bitcoin, I don't know what is.” 

Attributing much of his financial success to Bitcoin, the billionaire has in the past also been very vocal about his views regarding Bitcoin and a strong advocate of the “digital gold” cryptocurrency. 

He thinks that with the depreciation of the US dollar due to mass printing for COVID-19 relief, Bitcoin is the way to go in terms of investment. Winklevoss is anticipating the next Bitcoin bull run, as the crypto industry is ever-changing and he thinks that the capital, infrastructure, and projects revolving around crypto are more innovative and advanced than before. 

Bitcoin is currently valued to be around $11,800 in market capitalization, but crypto enthusiasts are avidly monitoring it for its next surge.