The President of the United States assures that inflation is falling; Now is Bitcoin’s time to shine?

US President Joe Biden stated that the US economy was “moving in the right direction” following the recent release of the positive jobs report from the Bureau of Labor Statistics. The report showed a significant increase of 311,000 new jobs registered for the month of February. Biden maintained his optimism about the possibility that the upcoming rate hikes by the Federal Reserve would be more gradual and less aggressive.

Biden hopes to lower inflation

On Friday, Biden addressed the White House that inflation in the country had fallen to a level that is 30% lower than what it was last summer. While hailing the nonfarm payrolls data as a “good jobs report,” the US president emphasized that the economic plan Congress crafted was working exactly as intended.

Biden was quoted as saying:

I am pleased to report that our economy created over 300,000 new jobs last month. It is no coincidence. That means our financial plan is working.

While talking about the upcoming CPI data next week, Biden remained hopeful, noting that he was almost certain it would come out in “solid shape.” The jobs report helped dispel rumors that the Federal Reserve would raise interest rates by 50 basis points in response to recent testimony from the Fed chairman at a US Senate hearing — and instead signaled that a recession was far from ever happening soon .

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What it means for the Bitcoin price

This can be a significant source of relief for risk assets such as Bitcoin (BTC) and other cryptocurrencies. This is because the larger crypto market could witness a boost in momentum if the Fed maintains its previous rate hike of 25 basis points. However, any unexpected action taken by the Fed could cause even more suffering in the market, which is already in a downward trend.

In light of the upcoming debate on raising the federal debt ceiling, Biden again aligned his economic strategy with Republicans on Friday. He argued that their “reckless language” posed the greatest threat to the American economy’s recovery.

As it stands, Bitcoin’s price is currently trading at $19,921, representing a 7.5% drop in the last 24 hours.

Also Read: Bitcoin Price Drops As Biden’s US Budget Reveals Major Setback For Crypto