US Debt Ceiling Deal Blocks 30% Bitcoin Mining Tax, But Will this Agreement Works For US in Suspending Debt Untill 2025

In the recent development the US government agree to raise the debt ceiling in effort to avoid financial crisis in America. This agreement has gathered significant attention over how this will impact on Bitcoin and other digital assets.
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President Joe Biden and House Speaker McCarthy to raise the debt ceiling until January 2025 has faced criticism from both Republicans and progressive Democrats even when the agreement has not yet approved by the Congress.

According to the House Speaker he says this agreement will pave a way for financial defense in united states, adding spending caps, restore unused COVID funds, and adding work requirements for food aid program in US. Many support this and some are not, but I will delve in the reason why some support the new development and why I think it will posses positive potential on digital assets.

If you notice recently BTC briefly reached prices above $28,000, However debt ceiling will primarily focus on economy growth and Financial Stability in united states and will contribute positivity to market sentiment that will likely benefit digital assets like Bitcoin.

In fact the US proposal of 30% Bitcoin mining tax has reportedly been taken off the table because of new development 'debt ceiling '
The new agreement blocked mining taxes proposed by Biden administration with the Digital Assets Mining Energy tax, and this proposal was taken away from approval.

But there is still controversial on tax proposal gone, The progressive Democrats, said mining tax was gone but Biden administration doesn't have plans for Bitcoin mining and wasn't mentioned in Fiscal bills.

Although debt ceiling agreement will still face debates in Congress but I don't know how this will work in suspending the nation's debt limit till January 1 2025 and will government do without spending till then?



I will brings the news to you for more conversation as it getting hot on my table always! Thanks for Reading



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