Regulators may still want to imply Bitcoin is merely a tool for criminals, but for many middle-class users, it’s proving to be a lifeline.
Even as politicians like European Central Bank President Christine Lagarde criticize cryptocurrency for providing “loopholes” used for “funny business,” people like Saeed, an Iranian immigrant to France, see cryptocurrency as a necessity, because of the difficulty using mainstream financial systems.
Until 2020, Saeed, who asked to be identified only by his first name, was a software engineer in Iran whose salary barely reached €300 due to rampant inflation. In 2017, he started freelancing for international clients that paid him in Bitcoin. By September 2020, he’d finally saved enough Bitcoin to go to graduate school in France. However, the pandemic made his immigration process much harder.
Incoming Treasury Secretary Janet Yellen had this message for lawmakers: spend big now and pay down the debt later.
During her Senate Confirmation Hearing, Yellen backed President-Elect Joe Biden’s $1.9 trillion stimulus and relief package to help the U.S. economy recover. The former head of the Federal Reserve believes this amount of spending “creates more prosperity for more people and ensures that American workers can compete in an increasingly competitive global economy.”
Her spending priorities? Public health, vaccination, extended unemployment, food stamps, and small business relief.
And concerns for breaking the budget should take a back seat to these priorities, telling the Senate Finance Committee: