Hard money supporters are not surprised by the hotly debated legislation, Cameron Winklevoss stating that it would “plunder” future generations.
The United States tax bill, which could hurt Bitcoin (BTC) and crypto holders, will “continue the plunder of future generations,” Cameron Winklevoss argues.
According to new estimates, the proposed Infrastructure Bill currently under discussion in Washington would pile on an extra quarter of a trillion dollars in debt.
Bill could add 256 billion to debt
Crypto voices warn of a tax nightmare as the contentious bill moves through government. However, they claim that it can still be avoided.
As Cointelegraph reported, language in the Bill may place undue demands on hodlers and businesses alike.
An effort is currently underway from pro-Bitcoin senators and the crypto industry to change the Bill’s phrasing to reduce the future burden.
Winklevoss stated that the Bill is an economic concern.
“The infrastructure bill is estimated to add another $256B to the federal budget deficit,” the Gemini exchange co-founder tweeted Friday.
It will never be paid off completely. The plundering of future generations continues. This is why Bitcoin has been invented.
These words were spoken one week after the Federal Reserve set a new balance sheet record of $8.24 trillion, the first time it had done so since July 26th.
Globally, central banks have supported asset purchases without regard to future debt implications. They flagged new coronavirus variants as an impetus.
“The wrinkle, now, is Delta: if Delta causes the labor market to heal much more slowly, then that’s going to cause me to step back,” Minneapolis Fed President Neel Kashkari said Thursday, quoted by Reuters.
Be cautious about the reaction of BTC prices
Short-term headwinds for Bitcoin are thus skewed by progress on the Bill, which was already forecast to be a major market force this week.
There were mixed views among traders about Bitcoin’s market impact once it was over. Pentoshi, a popular Twitter account, argued that Bitcoin had already suffered more serious setbacks.
Other macro signals are still muted. The U.S. currency index (DXY), which tracks the dollar, is averaging water after recent volatility.
