It looks like bitcoin has taken a bit of a stumble following news that COVID relief talks have stalled again. Strangely, President Donald Trump is being looked at by certain sources as the reason why these talks haven’t gone anywhere, though when one looks at the data and the precise facts of the situation, it appears the fault lies with Democrats and House Speaker Nancy Pelosi, who has consistently looked to add trillions of dollars to these packages to save the interests of her ailing party.
Bitcoin Price Falls Following Rejection of Stimulus Package
Recently, news came that the House of Representatives – which is presently controlled by a Democrat majority – approved a new $2 trillion+ COVID relief bill that ultimately sought to ensure the party received more money than what was needed. This is exactly the scenario that Americans were privy to last March when the first bill struggled to gain approval. Democrats held up the bill during initial talks by asking for hundreds of millions for venues such as the Kennedy Center – a call that did not boast any help or immediate results for Americans directly affected by COVID.
However, so as not to delay things any further, the stimulus package was approved. Strange, however, that after receiving money for the Kennedy Center, several individuals were later laid off or relieved of their work duties at the venue. Perhaps the party had an ulterior motive for the money at hand.
It looks like Democrats were asking for similar funds during these talks, and President Donald Trump isn’t falling for it. He recently took to Twitter saying that he was rejecting the requests being made by the party after both Republicans and Democrats failed to come to an understanding during initial congressional talks. His messages states:
Nancy Pelosi is asking for $2.4 trillion to bailout poorly run, high crime Democrat states, money that is in no way related to COVID-19. We made a very generous offer of $1.6 trillion and, as usual, she is not negotiating in good faith. I am rejecting their request and looking to the future of our country. Immediately after I win, we will pass a major stimulus bill that focuses on hardworking Americans and small business.
We’ll Have to Wait Until After the Election
As a result of the delays in the negotiations, it looks like bitcoin’s price has taken a bit of a stumble. The currency had initially dropped to about $10,500, though at the time of writing, bitcoin has recovered somewhat to reach $10,600, which is still about $100 less than where it stood before.
While the initial rejection came from Donald Trump, one can easily argue that he is not to blame for the sudden drop in BTC’s price, and that the fault holders are those who have sought to garner funds that should have been negotiated or discussed at a later time. When so many Americans are unemployed and struggling, perhaps members of Congress should think a little more about immediate relief and not just focus on their own interests.