Trump's Bill Sparks 3% Bitcoin Jump Amid Political Tensions

Donald Trump's proposed “One Big Beautiful Bill Act” (OBBBA) has sparked significant interest in the crypto community, with traders speculating that its passage could further boost Bitcoin's value. The bill, which includes a $4.5 trillion tax cut, aims to stimulate the economy by putting more money in the hands of individuals and businesses. According to popular crypto trader CryptoBusy, this influx of capital could lead to increased investment in Bitcoin, as people seek to protect their wealth from potential inflation or a weakening dollar.

The bill also includes provisions that make it easier for companies to invest, such as 100% bonus depreciation and larger research write-offs. This could encourage more firms to follow the example set by MicroStrategy, which made headlines by adding Bitcoin to its balance sheet. Additionally, the expected $3.3 trillion increase in U.S. debt over the next decade could make Bitcoin an attractive alternative to the weakening dollar, as more people seek safer, non-government forms of money.

Trump's administration has shown a relatively friendly stance towards cryptocurrencies, with less regulation and clearer rules potentially making big companies more comfortable with adding Bitcoin to their portfolios. However, the bill is still just a proposal and has not yet passed Congress. Trump's team is facing challenges in getting the bill through, with some Republican lawmakers voting against it and others expressing concerns about its impact on the national debt.

Despite these hurdles, the bill narrowly passed the Senate on Tuesday, marking a significant step towards Trump's goal of signing it into law. The passage in the Senate was not without controversy, as Senate Republicans pulled an all-nighter to push the bill through, highlighting the deep divisions within the party. The bill's fate in the House of Representatives remains uncertain, as it still faces resistance from some Republican lawmakers. The bill's passage in the House will be a key test for Trump and the Republican Party, as it seeks to deliver on its legislative promises.

Crypto traders see the resistance to the bill as a bullish catalyst for Bitcoin. Even if this specific bill is blocked, the broader momentum toward pro-crypto legislation remains strong. Trump’s public support for crypto continues to influence market sentiment. The push for crypto-friendly legislation comes as the crypto markets continue to rally, with Bitcoin and other cryptocurrencies experiencing significant gains. The passage of the “One Big Beautiful Bill” could have implications for the crypto industry, as it includes provisions that could impact the regulatory environment for cryptocurrencies. However, the exact impact of the bill on the crypto industry remains to be seen, as the bill still faces hurdles in the House of Representatives.

If the bill passes, it could give Bitcoin an even bigger boost. Right now, Bitcoin has already jumped 3% and is trading close to its all-time high. The political landscape in the United States has been abuzz with discussions surrounding Donald Trump's ambitious legislative package, dubbed the “One Big Beautiful Bill.” This comprehensive bill, which includes a range of economic measures such as stimulus provisions, tax adjustments, and potential favorable crypto regulations, has faced significant resistance from within the Republican Party. Notably, Congressman Thomas Massie has indicated that he has enough votes to block the bill, a move that has sparked political tensions in Washington.