Coronavirus stimulus failures show just how irrelevant the dollar supply has become, and this “a wakeup call” for those not looking at Bitcoin, Gemini co-founder Cameron Winklevoss tweeted. Winklevoss tweeted that the US dollar has become such funny money that politicians are now “trillions of dollars apart” in stimulus negotiations. “If this isn’t a wakeup call and an endorsement of Bitcoin, I don’t know what is,” he added.
Massive stimulus packages would weaken the US dollar.
According to the CNN report, talks between Democrats and Republicans were “on the brink of collapse,” as the two sides’ desired stimulus totals differed by several trillion dollars. According to the Gemini co-founder, politicians could plan for the same goal with wildly varying sums of money said more about the value of the dollar than their differences. Massive stimulus packages could lead to hyperinflation and weaken the value of the US dollar. Cameron Winklevoss said, “if this is not the wakeup call and an endorsement of bitcoin, then I don’t know what is.”
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.https://t.co/PIcKp8rfOw
— Cameron Winklevoss (@winklevoss) August 6, 2020
Americans to receive a second stimulus check.
The US residents are set to receive the second stimulus check from the government amid the ongoing global pandemic. Millions of people in the US have lost their jobs as the economy suffers from lockdowns because of the pandemic. Some people had invested their first stimulus checks in bitcoins as the CEO of Coinbase Brian Armstrong revealed how payments of $1,200 went up in the month of March and April, the exact time when the stimulus checks were handed out by the government.
Earlier, the White House economic advisor Larry Kudlow had confirmed that Americans would be receiving another $1,200 check as part of a roughly $1 trillion stimulus package first announced on July 23. The stimulus package is yet to be finalized as Democrats and Republicans continue to negotiate.