Bitcoin Set for Major Surge Following Trump's 'Big Beautiful Bill'
By: Eliza Bennet
Bitcoin enthusiasts and investors are keeping a keen eye on the markets following the passage of President Donald Trump's 'Big Beautiful Bill', a major spending legislation that has set the stage for potentially significant price hikes in the cryptocurrency world. Historically, Bitcoin has shown the tendency to achieve double-digit gains in the wake of significant U.S. debt-expanding measures, and analysts are curious whether this pattern will repeat in 2025.
On July 3, Congress passed the controversial bill, which drew mixed feelings across the political spectrum. Along with boosting the government's borrowing capacity, it rekindled long-standing trade tensions. While the bill doesn't provide explicit benefits to the crypto industry, its monetary policy implications could indirectly favor Bitcoin. This atmosphere resonates with 2020, when Bitcoin gained 38% following similar legislative action, potentially hinting at Bitcoin's trajectory towards the $150,000 mark.
The bill's passage was achieved with significant partisan contention, and its contents fell short of introducing hoped-for amendments in the cryptocurrency tax code. Lawmakers attempted to attach several crypto-related provisions, aiming to refine how digital currencies are taxed, but these efforts were unsuccessful. Despite a challenging political climate, investors see opportunity in Bitcoin, largely due to its decentralized structure, which shields it from direct manipulation and can benefit from economic shifts provoked by the bill.
Moreover, this legislative action has a ripple effect across the cryptocurrency market. Altcoins like XRP, SOL, and DOGE faced price reductions as the bill was signed, partially due to revived trade tensions. However, Bitcoin continues to gather attention due to its resilience and historical performance in similar scenarios. The upcoming weeks promise to be decisive for investors, who are eager to see if Bitcoin's value will attain new heights riding the wave of Trump's latest legislative accomplishment.
