Oct 21, · What would it mean for Bitcoin (BTC), if the Democrats manage to pull off a clean sweep in the coming US elections? An election outcome where Joe Biden defeats Donald Trump in the presidential race and Democrats win a majority in both chambers of Congress would most likely mean more financial stimulus but could trigger the Federal Reserve to raise interest rates earlier than . Mar 23, · According to a Bloomberg Law report released Monday, Democrats in the House of Representatives are seriously considering the creation of a system of digital wallets, in which a “digital dollar” (unfortunately not Bitcoin) would be stored. It’s a trend that analysts say will provide a boost for both the intrinsic value and the market value of Bitcoin. U.S. House Democrats Propose Even More Stimulus. On Tuesday, the House Democrats revealed a proposal to send stimulus checks worth up to $6, per family to help the economy grapple with the COVID outbreak, which has.
Bitcoin democratsBitcoin May Get Massive Boost as Democrats Propose $3 Trillion in Extra Stimulus
I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.
All Rights Reserved. Advertise Submit a Press Release. Home Cryptocurrency news Bitcoin. Reading Time: 2min read. Digital Dollar? Play Now! Tweet Share Could you be next big winner? For this reason, the laws are yet to fully catch up.
Politicians often legislate on matters important to their constituents. Naturally, most not everyone considers cryptocurrency an important issue at the moment. Therefore, Democratic views on Bitcoin and cryptocurrencies are still maturing and evolving. It will take time before clear stands emerge as with other issues like healthcare, education, and social welfare.
Moreover, a lot of coin users are pretty much averse to politics. So, it is fair to say that American parties, both Republican and Democrat, lack coherent policies on digital currency. As Bitcoin and other cryptocurrencies are adopted more widely, it is fair to expect an uptick in legislation motions. Among those who have interacted with it, Democrats are more likely to own cryptocurrency than Republicans, at 14 percent to eight percent respectively.
To break down the numbers further, the metrics are in favor of younger people. Adult millennial men under the age of 35 are the most ardent users of cryptocurrency.
Understandably, they tend to be more liberal than their older counterparts. Baby-boomers are generally more conservative and so are their investment decisions. All this means that it is in fact in the interests of the Democratic party to come up with legislation on this subject.
The common Democratic trend since the great depression has been policies benefitting low- and middle-income families more. As such, they lean toward social democratic policies whereby the state plays the role of a mild equalizer. This means a progressive tax code where those at the top share a larger load of the tax burden. A more established state presence means more regulations to go along with it. Democrats also advocate for regulations that protect consumers. Ultimately, the question will be whether Bitcoin is a useful and safe commodity.
Currently, the volatility, rampant fraud, and uncertainty in the industry does it no favors. It is fair to expect Democrat legislators to advocate more regulations for cryptocurrency in the near future. The fact is that Democrats respond to market turmoil with more regulations.
The scope and effect of any proposed legislation will be interesting as to the future success of Bitcoin. Since it is difficult to find consistent party policy on this matter, how about the thoughts of individual politicians? The opinions of respective politicians are as different as their personal opinions on the stability and long term future of cryptocurrency.
For starters, the general tone in Washington has been one of stubbornness and ignorance. Understandably some have viewed it as a threat the established order. If we are to talk of anything being unconventional and anti-establishment, cryptocurrency is as clear cut as they come. In view of this, there has been rare unison in Capitol Hill calling for more government red tape.
Interestingly, even free-market Republican conservatives who would ordinarily want government to back off are in favor. This is because some see cryptocurrency as a potential destabilizer of the American economy.
There have been House committee hearings on the stability or otherwise threat posed by digital currency. Politicians across the party divide have called for better oversight.