With the opening of the Asian trading week, Bitcoin's price has surpassed $108,000, and Ethereum has also strongly risen above $2,440, showcasing a robust bullish momentum in the crypto market. Behind this, in addition to macro factors such as improved global liquidity and easing geopolitical tensions, former U.S. President Trump's latest remarks on the deficit unexpectedly add a new note to Bitcoin's bullish outlook. This article will delve into Trump's "One Big Beautiful Bill" and the concerns it raises about the deficit, exploring why analysts believe this could be another significant boon for Bitcoin as a "hard asset."
On June 29, Trump’s comments on Truth Social revealed the significant divisions within the Republican Party regarding the push for its core legislative agenda— the "One Big Beautiful Bill." This over 900-page bill aims to combine approximately $3.8 trillion in massive tax cuts, targeted spending reductions, and additional funding for defense and border security. Its core content includes making several provisions from the 2017 Trump tax cuts permanent, such as eliminating taxes on tips, overtime pay, and certain auto loans, increasing the child tax credit, and providing new deductions for seniors.
However, to offset such a massive scale of tax cuts, Republicans proposed significant cuts to Medicaid and nutrition programs, sparking intense controversy within the party. Moderate Republicans from high-tax states called for raising the SALT (State and Local Tax) deduction cap, while conservatives demanded deeper cuts to government spending. The Democrats unanimously opposed the bill, criticizing it for favoring the wealthy and exacerbating inequality.
Trump's post stated, "For all the spending-cut Republicans, I am one of you. Remember, you still need to get re-elected. Don’t go too crazy! We will make up for all losses through growth, even more than tenfold!" This was intended to balance internal pressures, soothe conservatives, while emphasizing "making up" for lost income through strong economic growth. This supply-side economic thinking suggests that even if national debt increases in the short term, growth will ultimately "bring everything back." However, nonpartisan analysis estimates that this bill could add trillions to the existing $36.2 trillion U.S. national debt, with the Congressional Budget Office bluntly stating that the Senate version will increase U.S. debt by $3.3 trillion over the next decade.
It is this concern over massive deficits and potential currency devaluation that enhances Bitcoin's appeal as a "hard asset." Crypto analyst Will Clemente responded to Trump's remarks on platform X, stating, "After seeing this statement, would you still want to hold U.S. Treasury bonds long-term? Haha… How could you not hold Bitcoin or gold?" His questioning reflects the market's deep concerns about how loose fiscal policies could trigger inflation and currency devaluation.
In the context of ongoing deficits, the appeal of traditional fixed-income assets like Treasury bonds diminishes, as their value may be eroded. In contrast, scarce and decentralized assets like gold and Bitcoin are increasingly viewed as tools for preserving value and effective hedges against inflation and fiscal risks. This "hard asset" narrative is particularly prominent in a macro environment characterized by continuous money printing and high debt levels.
In addition to the direct impact of fiscal policy, the views of Musk and market analyst Jordi Visser further reveal the long-term value logic of Bitcoin from a deeper perspective.
On June 29, Musk commented on the Senate's passage of Trump's "One Big Beautiful Bill" on platform X, stating, "The latest Senate bill draft will destroy millions of jobs in America and cause tremendous strategic damage. Extremely crazy and destructive. It provides handouts to past industries while severely harming future industries." Musk's concerns, while primarily focused on the bill's impact on employment and industrial structure, also indirectly reflect worries about future economic uncertainty.
Market analyst Jordi Visser elaborated on Bitcoin's long-term value from the perspective of changes in socioeconomic structures during an Anthony Pompliano podcast. He pointed out that the younger generation aged 25 and under is increasingly disillusioned with the capitalist system, and voices calling for the establishment of welfare systems through public spending are growing due to the impacts of AI and economic uncertainty. Visser believes that the government will be forced to continue printing money to alleviate social pressures, which will further drive up Bitcoin's long-term value as an anti-inflation asset. "The greater the anger, the more money is printed, the harder it is to suppress Bitcoin's price." He predicts that in the next five years, AI and robotics will change the labor structure and accelerate the restructuring of the financial system, with Bitcoin playing a more important role in this process.
Despite the "One Big Beautiful Bill" narrowly passing the House on May 22 with Trump's strong support and then passing a procedural vote in the Senate on June 28 by a slim margin, its legislative process remains rocky. To get the bill through the Senate, lawmakers modified its provisions, and the amended parts will need to return to the House for another vote after the Senate vote. The Senate aims to finalize the bill by July 4, Independence Day, but Trump's calls for unity and restraint highlight the political difficulties in pushing this important fiscal legislation.
The uncertainty of this legislative process, and the resulting uncertainty regarding fiscal policy direction, may further strengthen Bitcoin's position as a safe-haven asset. In the face of structural challenges and policy swings in traditional financial markets, Bitcoin's decentralization, scarcity, and resistance to censorship make it a choice for investors seeking certainty and value preservation.
Conclusion:
Trump's remarks on the deficit and the fiscal controversies triggered by the "One Big Beautiful Bill" undoubtedly provide a new macro narrative for Bitcoin's bullish outlook. Against the backdrop of rising government debt and challenges to monetary policy, the value of Bitcoin as a "hard asset" is being more widely recognized and accepted. Whether as a hedge against inflation risks or in response to changes in the socioeconomic structure under future AI impacts, Bitcoin demonstrates its unique resilience and potential. As the global economic and political landscape evolves, Bitcoin's market performance will continue to be closely monitored.
Related: Bitcoin (BTC) adoption driven by "de-globalization" and Trump's "Big Beautiful Bill"
Original: “U.S. Deficit Soars: How Trump’s Big Beautiful Bill Could Benefit Bitcoin?”
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