The Senate passed Trump's economic package with Vice President JD Vance's tie-breaking vote, advancing the bill with significant implications for Bitcoin and cryptocurrencies.
The bill comprises sweeping tax reforms benefiting various sectors, including no federal taxes on tips and overtime, elimination of taxes on Social Security income for seniors, and expanded deductions for small businesses.
For Bitcoin investors, the bill could lead to increased consumer spending, positive tax changes, and growing Republican support for digital assets, aligning with Trump's recent campaign promises regarding crypto.
Although the bill may stimulate crypto markets with more disposable income, some analysts caution about potential negative impacts on federal deficit, Treasury yields, and risk assets like crypto.