Big Beautiful Bill Passes, Boosts Crypto Market 0.37%

The Big Beautiful Bill, a significant piece of legislation, has been passed by both the Senate and the House, marking a pivotal moment in U.S. politics. President Donald Trump is set to officially sign the bill on July 4 at 5 PM ET. The bill includes permanent tax cuts, no taxes on tips, overtime, and Social Security, along with substantial spending on border security and defense. Notably, the military will receive $150 billion, and an equal amount will be allocated to border control. However, the bill is not without its critics. It is estimated to add about $3.3 trillion to the national deficit, leading critics like Democrat Hakeem Jeffries to argue that it is unfair as it cuts Medicaid, food programs, and clean energy benefits, disproportionately affecting the poor.

The passage of the bill was narrow, with the House approving it by a margin of only four votes (218–214). Some Republicans, including Thomas Massie and Brian Fitzpatrick, opposed the bill, while Chip Roy surprisingly switched his vote to “yes.” The bill's impact on the cryptocurrency world is mixed. On one hand, the tax relief for corporations and pass-through businesses could benefit blockchain startups and mining firms by allowing them to deduct more expenses, such as research and development and equipment. Additionally, wealthier Americans who save money from these tax breaks might invest more in cryptocurrency. On the other hand, the bill's cuts to health programs and food aid could lower the spending power of low and middle-income Americans, who might otherwise invest in cryptocurrency. Furthermore, the addition of $3.3 trillion to the national deficit could cause interest rates to rise, making riskier assets like cryptocurrency less attractive in the long run.

Despite the potential downsides, the passage of the Big Beautiful Bill has had an immediate positive effect on the cryptocurrency market, fueling a small but noticeable rally. The global market cap jumped 0.37%, reaching $3.37 trillion. Bitcoin price (BTC) is trading at $109,165.07, up 0.1%, and Ethereum price (ETH) stands at $2,579.57, rising 0.40%. Even the Official Trump Memecoin (TRUMP) is showing gains, up 0.11%, trading at $8.85. This shows that the passage of the Big Beautiful Bill has boosted investor confidence, at least for now. However, the coming weeks will be more interesting as Crypto Week is planned in Congress starting July 14, 2025. During that week, lawmakers will review other acts like the CLARITY Act, GENIUS Act, and Anti-CBDC Surveillance State Act. These could shape how cryptocurrency is regulated in the U.S.

Elon Musk, who opposed the bill and even called it the "Big Ugly Bill," has not made any public statements since its final passage. However, there are rumors that he might be planning something significant behind the scenes. A new political angle is forming as fresh polls show 40% of voters would support a new political party started by Elon Musk, called the "America Party Elon Musk." Musk earlier posted on X, “Time for a new political party that actually cares about the people.” According to a report by Quantus Insights, Musk is still gaining public support. On Polymarket, predictions say he might not launch the party right after this but possibly by December 31, 2025, with 42% saying he’ll create his own political movement before the year ends.

The Big Beautiful Bill passed today is clearly a big event, and it's already shaking things up—from the business world to the cryptocurrency market, and even in politics with Elon’s rumored America Party idea. While this may boost business and tax savings for some, it could hurt everyday Americans through reduced benefits and rising debt. It does provide some optimism in cryptocurrency, though, but only time will say whether the effect really is lasting.