Andrew Yang, an American politician, part of the Democratic Party and a former runner for the 2020 US Presidential Elections, voiced his concerns with the current stimulus package that the country rolled out. According to him, the amount sent to people should be higher.
Andrew Yang Calls For $2,000 Per Month Stimulus
A recent report revealed that the first stimulus package in the US is already underway. Supposedly, 80 million Americans are about to receive a one-time payment of up to $1,200 in their bank account as part of the measures to deal with the ongoing coronavirus (COVID-19) crisis.
Andrew Yang, however, called for even higher stimulus payments of up to $2,000 for “every American adult for the duration of this crisis.”
I’m for $2,000 for every American adult for the duration of this crisis. #MoneyForThePeople
— Andrew Yang
(@AndrewYang) April 15, 2020
Yang is part of the Democratic Party, and he was also a runner for the 2020 US Presidential Elections. He was also well-received within the cryptocurrency community because he spoke highly of their potential on several occasions.
His party recently came up with a plan to pay Americans $2,000 per month until the economy recovers from the current crisis. Per this plan, any American over the age of 16 who makes less than $130,000 per year would be entitled to receive the payment. Moreover, this would continue for at least six months and would also last until the unemployment falls to the levels before the crisis.
Speaking on the matter was representative Ro Khanna, who said:
“A one-time, $1,200 check isn’t going to cut it. […] Americans need sustained cash infusions for the duration of this crisis in order to come out on the other side alive, healthy, and ready to get back to work.”
Will This Impact Cryptocurrencies In Any Way?
One of the questions concerning the community is if this would have an impact on the prices of cryptocurrencies, including Bitcoin. Naturally, it’s challenging to give the right answer, if there is one at all.
Right off the bat, it’s unlikely that people would use any of the stimulus payments for investment purposes. The presumption is that this is money needed to cover the basic needs of households such as food and bills. Moreover, it’s also unlikely that people would invest in risky assets such as Bitcoin in times of crisis.
However, in the long run, it might be reasonably positive news for Bitcoin in particular. The more dollars are introduced to the economy, the more they will lose their purchasing power, which is already low enough. Inflationary processes could accelerate.
This is what Bitcoin has been designed to solve. It’s programmed inflation rates and predetermined, finite supply tackle these issues. More than one expert has expressed their views on the matter, thinking that times like these are Bitcoin’s moment to take the stage.
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