There was a very short-lived celebration among Bitcoin and cryptocurrency advocates and speculators, as mentions of a "digital dollar" in a coronavirus-related relief bill before the U.S Senate was written about in Forbes and several other publications. Less than 48 hours later and the House of Representatives have scrubbed any reference to the "Digital Dollar". That did not stop Bitcoin and other top cryptocurrencies from rallying as much as 15% over the last 24hrs, before promptly losing much of the gains.
House Democrats' latest version of the "Take Responsibility for Workers and Families Act," revealed late Monday, does not contain any language around a "digital dollar" in its section on direct stimulus payments. The lawmakers introduced the bill last week, envisioning a digital payment system organized by the Federal Reserve and its member banks to directly send these funds to U.S. residents to assist them with expenses during the COVID-19 mitigation measures, which have already resulted in massive unemployment and a potentially severe recession.
In the latest 1,404-page draft, U.S. residents would receive $1,500 per person, though individuals with an income greater than $75,000 and couples with an income greater than $150,000 would have to repay the funds. The section detailing the payments, which starts on page 1,090, appears to be less specific on how these payments would be sent to individuals than previous versions have been.
While the draft bill introduced by Speaker of the House Nancy Pelosi (D-Calif.) on Monday no longer includes any language around a digital dollar, a separate bill introduced by Rep. Maxine Waters (D-Calif.), titled the "Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act," still mentions the digital dollar. The language is expected to be removed from that bill as well, according to a source familiar with the matter.
This entire situation just shows how visceral and desperate people's desire is for an end to this global pandemic Coronapocolypse, as it lays waste to dreams of financial freedom and the ability to buy a Lambo to flex in, riding down the (CA-1) PCH into Malibu on the way to some fancy overpriced underrated restaurant with valet parking. Even if the Flexer can't afford the insurance payments, hell the Lambo is a lease, but hey the guy got to flex biggy.
The American dream is currently and for the foreseeable future shattered into a billion trillion pieces and everyone is clinging onto hope, the way many did when the Titanic sank. Against all reason or comprehension the world is now in a state of shock, how could the entire system take such a giant shit on our heads, within the space of just about 2 weeks. Who benefits from this global financial meltdown, how do countries rebuild their economies and how long will it take to crank up the global economic engine to get it running again.
Only time will tell but one thing is for sure, we are all part of history that will be written about 2020 the start of a new decade in which a rich tapestry of shenanigans and douchfuckery that saw fortunes lost and fortunes won. Will the human race learn from this forced slow down or will it just speed up our Post Corona 21st century, as we race towards our own demise driven by greed and rampant globalized consumerism, the insatiable appetite to hunt and gather and conquer no matter the cost to our environment or each other and reducing the longevity of the human race, on this little insignificant rock we call earth, the center of our universe.
Other sources:
https://www.bloomberg.com/opinion/articles/2020-03-24/coronavirus-stimulus-let-s-pay-it-in-digital-dollars
https://www.coindesk.com/digital-dollar-stripped-from-latest-us-coronavirus-relief-bill
