The U.S. Senate passed President Donald Trump's massive budget bill, dubbed the "One Big, Beautiful Bill,” overnight Saturday, June 28. The measure threatens to add trillions of dollars to the nation's deficit and, indirectly, fuels the Bitcoin (BTC) market, whose price today surpassed $108,000.
The legislation advanced after clearing a key procedural hurdle in a narrow 51-49 vote, bringing the country closer to a fiscal reality that could devalue the dollar and catapult digital assets into the mainstream.
Although the 1,000-plus-page text doesn't mention Bitcoin, its economic impact is sparking speculation. The bill proposes making Trump's first-term tax cuts permanent, injecting $350 billion into national security to fund his mass deportation agenda, and, according to the Congressional Budget Office (CBO), would raise the debt to historic levels. This expansionary fiscal policy erodes confidence in the dollar and pushes investors toward assets with limited supply, such as Bitcoin.
The initiative proposes raising the federal government's debt ceiling to $5 trillion (the bill passed by the House of Representatives last month was $4 trillion). It also includes President Trump's campaign promises, such as exempting tips and overtime income from taxes and providing a $1,000 savings account for newborns.
On the other hand, the bill introduces a new 5% tax on remittances, a measure that could force millions of people to abandon traditional banking channels and adopt BTC or stablecoins for faster and cheaper international transfers, thus circumventing the new tax, if approved.
It's important to note that the procedural vote is the first step in the bill's processing, as it determines whether the bill should proceed to the next step, such as discussion or voting.
Some critics, like Elon Musk, have called the bill an “abomination” for its excessive spending and implicit regulation. This is because it signals a radical shift in how the federal government approaches digital infrastructure, AI governance, and national cyber defense. Together, these actions are redefining the line between public sector accountability and centralized federal control in the tech ecosystem.
After all, the bill's passage wasn't unanimous. Two Republicans, Thom Tillis and Rand Paul, joined Democrats in voting against it. Tillis denounced the Medicaid cuts, which the Congressional Budget Office said would leave 12 million people uninsured, while Paul criticized the runaway spending. And now Musk has once again criticized the bill, calling it "insane and destructive."
With the July 4 deadline looming, Congress is racing to get the bill to Trump's desk. As lawmakers debate the final amendments, the market is watching closely, not only for the tax cuts, but for the potential “indirect stimulus” this monumental law could mean for the era of digital finance.
