Since the global has pandemic begun, many countries around the world have announced stimulus packages to revive the economy by injecting capital into the market. According to the Wall Street Journal report, the White House is preparing for a new 1.8 trillion dollar stimulus proposal to help the economy. The act of injecting capital into the market is not seen as a good move in the long term as it creates the risk of hyperinflation in which the value of currency devalues significantly. Tyler Winklevoss believes that the latest stimulus proposal would help bitcoin.
Tyler Winklevoss calls the stimulus proposal an advertisement campaign for bitcoin.
The co-founder of Gemini crypto exchange Tyler Winklevoss tweeted that the White House is proposing a new 1.8 trillion dollar advertisement campaign for the leading cryptocurrency bitcoin. Winklevoss had previously called out the impact of massive stimulus packages on the economy and the US dollar. The fact that the federal bank can print dollars out of thin air proves the case for bitcoin. There can only be 21 million bitcoin in existence, whereas the federal bank can print as much as dollar they want.
— Tyler Winklevoss (@tylerwinklevoss) October 9, 2020
Bitcoin has a much more meaningful value than the US dollar.
Earlier this year, Tyler Winklevoss had tweeted that the leading cryptocurrency bitcoin has a much more meaningful value than the US dollar. The unprecedented US dollar printing by Federal Reserve has led many to wonder whether the US dollar can survive unscathed. However, the implications might not come for years since the dollar still has considerable dominance. Several experts believe the dollar has already lost much of its luster. Tyler Winklevoss had earlier said that bitcoin will come out stronger than ever before post-pandemic. At the time of writing, bitcoin is trading at just above $11,300.