What Will Biden’s Booster Plan Mean For Bitcoin?

0

Last Updated on 27 December 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
View all posts

2022 is just around the corner, and the biggest question in the cryptosphere is whether it will become the third year of Bitcoin’s current bull run (which in itself would be exceptional as most bull runs for Bitcoin have only lasted two) and if regulation will happen for digital coins.

Strangely enough, a lot depends on the presidency of Joe Biden, who’s having a hard time convincing his countrymen to get vaccinated and his Democratic Senators to vote for his Build Back Better plan. We explain why.

Advertentie.

Joe Manchin saves Bitcoin?

Firstly, US President Joe Biden needs a major win before the 2022 Midterm Elections, which could see him lose control of both Congress and the Senate. The win he was hoping for is passing his Build Back Better plan, which would boost infrastructure, provide childcare and install a tax base for cryptocurrencies in the US. With some 15% of Americans now possessing Bitcoin, Dogecoin or another digital currency, that could have massive implications.

At the moment, the Build Back Better plan is being blocked in the Senate, where Democratic party member Joe Manchin is refusing to let it pass. The politician is aiming for reelection in his own very conservative state of West Virginia, and therefore wants to be able to claim a prize. Strangely enough, the price of various crypto coins could depend on it.

Furthermore, with China having blocked Bitcoin mining (and trading) on their home soil, many miners have relocated to places like Russia, Ukraine and Kazakhstan while most of them have found a new home in Texas, USA. Given the importance of this new crypto economy for the US, it will be interesting to see whether regulation is on the horizon in 2022.

Booster or lockdown?

Secondly, the Omicron variant is set to wreak havoc in Europe already, but even more so in the US, as the percentage of adults having received a double vaccination dose there is much lower and the Delta variant hasn’t even peaked there.

Biden is now betting on boosters, for which he has even called upon several celebrities (the Ariana Grande and Jimmy Kimmel song is getting good traction) to do the job of influencing vaccine resisters, but that will most likely not be enough.

YouTube video

Should the US be forced to enter a new lockdown in major metropolitan areas or if a new round of stimulus cheques would need to be sent out (known as ‘stimmy’), expect it to have a direct impact on the price of Bitcoin (and several memestocks like AMC and GME of course), just as it did last time. The coming winter surge of Omicron in the US could therefore have a serious impact on crypto prices.

mmaxer / Depositphotos.com