Bitcoin is on the way to recovery while the US Federal Reserve has decided to print $6 trillion.
Bitcoin (BTC) may get a boost to finally clear $40,000 at the expense of the U.S. dollar as United States President Joe Biden's new $6 trillion federal spending budget proposal is unveiled.
On May 28, the United States president will announce the massive fiscal policy, the largest since the Second World War, to ensure investments in major infrastructure, education and healthcare projects, reported The New York Times on May 27.
Biden reportedly wants the federal government to spend $6 trillion in 2022. He also plans to raise the total spending to $8.2 trillion by 2031.
Biden had earlier proposed significant tax hikes on America's richest companies and individuals to fund his massive spending program. But it would take the government at least until 2030 to shrink its budget deficits, the Times reported. That means the United States would face a monumental debt burden as it borrows money to finance Biden's record proposal.
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