The U.S. House of Representatives voted 215-214 to pass President Donald Trump's "big, beautiful bill" that deals with taxes and expenditure on May 22. It can be argued that the bill, if voted into law, provides several avenues for crypto adoption in the U.S.
According to the nonpartisan Congressional Budget Office, it is estimated that the bill could add up to $3.8 trillion to the U.S. national debt of $36.2 trillion over the next ten years.
The bill is an opportunity for investors to choose Bitcoin as a hedge against excessive government debt. The asset reached a new all-time high (ATH) of $111,861 on May 22.
As per Kraken , BTC was trading at $110,900 at the time of writing.
In addition, another provision of the bill that proposes a 5% tax on remittances sent by non-U.S. citizens to their homes abroad could spur further crypto adoption. Once the individuals who wire billions of dollars to their homes outside the U.S. feel the pinch of the bill, they could consider opting for fund transfers in crypto assets that lie within a decentralized financial system.
As the bill also introduces new tax cuts, people could save more money and allocate some of the additional funds to invest in crypto, further boosting the demand for crypto trading.
The "big, beautiful bill" is an extension of the tax cuts the Trump administration introduced in 2017 during the first term.
While all Democrats opposed the bill, two Republicans also joined them in opposition to the bill. A third Republican member voted “present.
The bill will now face the Senate, where, once approved, it becomes the law.