• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

House Democrats Propose ‘Digital Dollar’ in Move Big For Bitcoin: Here’s Why

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

11 years after Satoshi Nakamoto launched Bitcoin, some facets of the U.S. government have finally indicated that they are seriously considering the creation of a digital dollar, a move that many say could validate cryptocurrencies, especially BTC.

Digital Dollar?

According to a Bloomberg Law report released Monday, Democrats in the House of Representatives are seriously considering the creation of a system of digital wallets, in which a “digital dollar” (unfortunately not Bitcoin) would be stored. This intent was revealed in a legislative text published Monday by the House Financial Services Committee Chairwoman Maxine Waters.

As the kids say, NEWS: House Democrats have proposed creating a 'digital dollar' for direct payments to individuals. W/@ElleBeyoud https://t.co/eACudrLseP

— Colin Wilhelm (@colinwilhelm) March 23, 2020

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The text, or at least one related to it, was shared by Peter Van Valkenburgh, Director of Research at Bitcoin advocacy CoinCenter.

The text defined the term “digital dollar” as one of two things: 1) “a balance expressed as a dollar value consisting of digital ledger entries” and 2) “an electronic unit of value, redeemable by an eligible financial institution.”

The idea with this, of course, is that it would be much easier to enact the Hill’s proposed stimulus plan against economic disaster to give every American thousands of dollars through a digital system rather than through a physical system of, say, cheques. As Bloomberg wrote:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

“Large Federal Reserve banks and other financial institutions [will need] to provide digital wallets to individuals and joint tax filers eligible for direct governmental emergency payments currently under negotiation in the historic economic relief package.”

While it isn’t clear how exactly such a system would work at scale, many in the Bitcoin space have already dubbed this a “central bank digital currency,” though have been sure not to call it a “cryptocurrency.”

Could Aid Bitcoin, Analyst Says

According to Nathaniel Whittemore, a cryptocurrency analyst, this move could help Bitcoin. He explained this theory by pointing towards a theoretical four-step process that may take place if this text becomes reality:

  1. “Introduce digital dollar to ship stimulus payments.”
  2. “Hundreds of millions of Americans get their first digital wallet.”
  3. Trillions of dollars of stimulus, assuming the crisis goes longer than expected and has more of an economic impact than expected, will lead to the debasement of the dollar.
  4. Bitcoin rises as many try to find a hedge against their devaluing dollar.

A Scenario:

Step 1: Introduce digital dollar to ship stimulus payments.

Step 2: Hundreds of millions of Americans get their first digital wallet.

Step 3: Trillions of stimulus leads to..well..you know.

Step 4: Do you really need me to say it? #Bitcoin pic.twitter.com/CbHl5LMXNR

— Nathaniel Whittemore (@nlw) March 23, 2020

Notably, the stimulus could happen without a digital system, but a digital system available to anyone with access to the internet would likely increase the efficacy of the measures, thereby increasing the amount of money that gets created and injected into the economy.

Featured Image from Shutterstock
Tags: bitcoinCBDCDigital Dollar
Tweet123Share1211ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin Rejects Downside At $29k, Here’s Why This Is Good

Bitcoin Rejects Downside At $29k, Here’s Why This Is Good

4 hours ago
Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months

Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months

7 hours ago
Bitcoin

Bitcoin Price Could Fall To $8,000, Says Guggenheim CIO

9 hours ago
bitcoin, ethereum

Bitcoin, Ethereum Exchange Inflows Suggest Sell-Offs Are Far From Over

13 hours ago
Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

1 day ago
Bitcoin

Bitcoin Taker Buy/Sell Ratio Approaches Bullish Cross

1 day ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank and Adanian Labs Powers Hackathons, Blockchain Education, and Ecosystem Development for Africa

May 25, 2022

Cornucopias: A Revolutionary Cardano Blockchain Project that is Redefining the Gaming Metaverse Industry

May 25, 2022

Caduceus Set Record for BitKeep LaunchPad with 1286% Oversubscribed

May 25, 2022

Fireblocks Adds Support for TRON DAO’s TRX and all TRC20 Tokens

May 25, 2022

An Exclusive Look At Quitriam Finance (QTM), The Latest DEX Crypto Of 2022

May 25, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.