U.S. President Donald Trump’s “Big Beautiful Bill” is likely to weaken the dollar and stoke inflation, potentially boosting bitcoin’s appeal as “digital gold.” According to James Toledano, chief operating officer at Unity Wallet, this is likely because crypto markets have historically shown an “inflation-driven bias post-vote.”

Toledano’s assertions followed the bill’s passage by the U.S. Senate by a narrow margin of 51 to 50, with Vice President JD Vance casting the deciding vote. The bill, which once again highlighted fissures within the Republican Party, was passed after a debate that reportedly lasted 24 hours.

In addition to making Trump’s 2017 tax cuts permanent, the bill reportedly proposes substantial funding for border security, defense, and energy production. This includes a significant allocation for Immigration and Customs Enforcement (ICE) to support mass deportations. It also proposes significant spending cuts to social safety-net programs such as Medicaid and the Supplemental Nutrition Assistance Program (SNAP).

While members of the Democratic Party have opposed the bill on the grounds that it could leave millions more Americans without health insurance, some Republicans have criticized it for further increasing the national debt. These Republicans argue that the bill deviates from Trump’s campaign promise to rein in spending.

Elon Musk, who spearheaded the drive to eliminate wasteful government during his tenure leading the Department of Government Efficiency ( DOGE), voiced his opposition following the bill’s passage. Musk, like other advocates for reduced government spending, argues that increased spending will severely undermine efforts to contain the ballooning national debt.

While the scenario is likely to further weaken the dollar, Toledano believes it also makes bitcoin more volatile.

“However, fiscal uncertainty is also fueling volatility. Bitcoin fell below $106,000 during Senate proceedings despite a recent high near $107,800, although this is well within the normal daily price movement range and therefore possibly unrelated. In short, the bill is a double-edged sword: inflationary policies might boost Bitcoin’s appeal, but they also invite volatility and dollar weakness,” the COO stated.

Nevertheless, Toledano asserts that the inclusion or omission of crypto tax reforms will be crucial in shaping how markets respond in the coming weeks.

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