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Pelosi, Kudlow Signal Market-Moving US Stimulus May Wait Till After Election: Report
With a strong correlation between stocks and the bitcoin price in recent months, analysts say a stimulus package could boost BTC as well.
U.S. administration officials and House Speaker Nancy Pelosi broached the possibility of passing the pandemic relief package after the Nov. 3 election, indicating a deal might not be reached before then, the Wall Street Journal reported.
STORY CONTINUES BELOW
- With a strong correlation between stocks and the price of bitcoin (BTC) in recent months, analysts say a stimulus package could boost BTC as well. The godfather cryptocurrency surged to 2020 highs on Wednesday on confirmation of fintech giant PayPal adding the coin to its services.
- White House economic adviser Larry Kudlow said on CNBC negotiators were running out of time to get a deal passed before the presidential election. The talks went on past a Tuesday evening deadline set by Pelosi.
- The White House has proposed a $1.8 trillion stimulus package while the Democrat-majority House of Representatives are holding out for $2.2 trillion.
- Should President Donald Trump lose the presidential election, the WSJ article noted, the chances for a quick passage post-election would be slim as the Democrats would likely want to wait until Joe Biden takes office to get a bigger package approved.
Read more: US House Speaker ‘Optimistic’ About Reaching a Stimulus Pact: Reports
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
