#Bitcoin Bulls Roar as U.S. Politician Proposes ‘Two $1 Trillion Coins’ Idea

                           


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Bitcoin bulls were quite pleased on Saturday morning when Bloomberg’s Joe Weisenthal shared the “Automatic BOOST to Communities Act” published by Congresswoman Rashida Tlaib of Michigan.



While all politicians in the U.S. have responded to the coronavirus outbreak by proposing stimulus, Tlaib’s took the cake for being extreme. The program she proposed, which included a temporary Universal Basic Income, was to get the U.S. Mint to issue “two $1 trillion platinum coins” which the Federal Reserve would purchase, crediting $2 trillion to the Mint.


Although some have deemed this measure necessary to ensure the economy doesn’t crumble further, many in the Bitcoin space have laughed, arguing that this news only proves the absurdity of fiat economics.



Bullish For Bitcoin

Bitcoin bulls have understandably been pleased by this proposal. President of the Nakamoto Institute Michael Goldstein jokingly remarked in response to the news: “don’t worry, you will be able to buy a fraction of a Bitcoin with a $1 trillion coin.”

This was in evident reference to the belief amongst certain economists and analysts that this plan will cause rampant inflation of the money supply in the U.S., which should theoretically result in the rapid inflation of goods.



Others in the cryptocurrency space echoed this, writing how the incessant printing of money by authorities will only cause inflation, thereby proving the value of Bitcoin, which is algorithmically limited to a supply of 21 million coins.