The US economy will get a $2 trillion injection from the Federal Reserve to aid the citizens and businesses suffering from the COVID-19 pandemic. However, some experts of the industry including John McAfee believe this might have negative consequences over the country’s economy and cause unprecedented inflation.
Coinidol.com, a world blockchain news outlet, has reported that the coronavirus relief bill package was adopted on Friday, March 29, despite the attempts of a Republican Rep Thomas Massie to sabotage voting. The package stipulates stimulus payments to the US citizens and companies, so they could survive the quarantine.
The devaluation of the US dollar might really bring lots of investors to the market, as they would lose trust in traditional instruments and seek alternative ways to invest their money. Cryptocurrencies might become such an alternative. That is why McAfee believes that the market might see an uptrend as the prices would go up due to the inflow of investments.
Read more: https://coinidol.com/us-dollar-default/