U.S. Passes $2.2 Trillion CARES Act Stimulus Package
The U.S. government enacts the CARES Act, the largest economic stimulus package in its history, a move seen by the Bitcoin community as profoundly bullish for a scarce asset.
On March 27, 2020, U.S. Passes $2.2 Trillion CARES Act Stimulus Package. The U.S. government enacts the CARES Act, the largest economic stimulus package in its history, a move seen by the Bitcoin community as profoundly bullish for a scarce asset.
This enormous fiscal stimulus, enacted just days after the Federal Reserve had committed to unlimited monetary stimulus (QE), represented an unprecedented level of government intervention in the economy. For the Bitcoin community, the CARES Act was another monumental data point reinforcing the core bullish thesis for a hard-capped, scarce asset.
The creation of trillions of new dollars out of thin air was seen as a historic debasement of the currency. The event was frequently cited by influential figures like Paul Tudor Jones and Michael Saylor as a key catalyst for their decision to invest in Bitcoin. It crystallized the argument that in a world where governments could create infinite amounts of currency, the mathematical certainty of Bitcoin's 21 million supply made it an essential asset for preserving wealth over the long term.