The US election process, closely followed by the Bitcoin and altcoin markets, has resumed.
As the US gradually prepares for the November 3rd congressional elections, President Donald Trump launched his campaign yesterday in Texas.
Trump made a bold start to his election campaign, announcing that adult US citizens would receive a $5,000 payment if the Republicans won the election.
“Trump: $5,000 for Every Adult Citizen!”
Speaking at a Republican midterm election rally in Dallas yesterday, Trump announced that if the Republicans win both the Senate and the House of Representatives, as they currently do, every adult American citizen will receive $5,000.
However, he stipulated that the payments must be used within the United States. President Trump said, “I don’t want you spending this money in Canada, China, or Germany. The only condition is that the money is spent in the United States.”
However, Trump did not provide any details in his speech regarding how the $5,000 would be funded.
According to Reuters’ calculations, considering the U.S. adult population of approximately 270 million, the total cost of the program could reach around $1.35 trillion. However, according to experts who spoke to Reuters, a presidential decree alone would not be sufficient to implement such a payment; Congress would also need to enact legislation.
Could Trigger Altcoin Season!
Following Trump’s promise of a $5,000 deposit, the potential impact of the plan on the cryptocurrency market has also come to the forefront.
At this point, cryptocurrency analyst Mark Chadwick suggested that if Donald Trump’s plan to pay a $5,000 “dividend” to American adults is implemented, a strong wave of liquidity could occur in the crypto market, triggering a large-scale altcoin season.
Chadwick, in a post from his X account, described Trump’s plan as a liquidity catalyst similar to the COVID-19 stimulus payments in 2021. According to the analyst, the new money entering the market could provide additional momentum to the bull market that he believes is already beginning to form.
Chadwick had previously stated in his analyses that the long-term downtrend in the altcoin market had been broken and that the current technical outlook was reminiscent of previous major altcoin rallies.
*This is not investment advice.
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