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The U.S. tax bill that could hurt Bitcoin (BTC) and crypto holders will continue to plunder future generations, claims Cameron Winklevoss.
According to new estimates, the infrastructure bill currently under discussion in Washington would accumulate a quarter of a trillion dollars in additional debt.
Bill could add $ 256 billion in debt
As the contentious bill makes its way into government, crypto voices continue to warn of a potential tax nightmare that they believe can still be easily avoided.
As Cointelegraph pointed out, the wording of the bill may place undue demands on hodlers and businesses.
An effort is currently underway by pro-Bitcoin senators and the crypto industry to change the wording of the bills to reduce the future burden.
Nonetheless, the bill itself is a source of concern economically, Winklevoss says.
The infrastructure bill is expected to add an additional $ 256 billion to the federal budget deficit, the Gemini Exchange tweeted on Friday.
It will not be fully paid. The plundering of future generations continues. Bitcoin corrects this.
His comments come the week after the Federal Reserve set a new record high in its balance sheet, which topped $ 8.24 trillion for the first time on July 26.
Federal Reserve Balance Sheet Table. Source: Federal Reserve
More generally, central banks around the world have favored continued asset purchases regardless of future debt implications, signaling new variants of the coronavirus as the impetus.
The wrinkle now is Delta: If Delta makes the job market heal much slower, then that’s going to set me back, Minneapolis Fed Chairman Neel Kashkari said Thursday, as quoted by Reuters.
Caution on BTC price reaction
Short-term headwinds for Bitcoin are therefore distorted by the progress of the bill, which was already predicted as a major market force this week.
Related: Bitcoin Bulls Break Over $ 40,000 Mark Before $ 625 Million Options Expire on Friday
Traders had mixed views on its impact on the market once adopted, with the popular Pentoshi Twitter account claiming that Bitcoin has already overcome larger setbacks.
We’ve literally been through a lot worse and Btc is sitting at 40.2k
Zoom out
– Pentoshi Don’t DM You (@ Pentosh1) August 6, 2021
Other macroeconomic signals remain more subdued, with the US dollar index (DXY) treading water after recent volatility.
1-day DXY candle chart. Source: TradingView
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