Trump's ‘big, beautiful bill' passes Congress with 90% odds of U.S. debt exceeding $38T
The House of Representatives passed President Donald Trump's flagship "big, beautiful bill" in a vote of 218–214 on July 3.
The bill, which contains sweeping tax cuts, will next be sent to Trump's desk for him to sign.
As per Kraken, Bitcoin was trading at $109,886.34.
Ethereum was trading at $2,592.64, XRP was trading at $2.28, and Solana was trading at $151.77.
Nearly all the leading cryptocurrencies were in the green following the passage of the bill in the Congress.
Though Trump has pursued an aggressive pro-crypto agenda since entering the White House for the second term in January, his flagship "big, beautiful bill" has drawn criticism from many of his supporters, including crypto billionaires.
Elon Musk, who once supported cryptocurrencies such as Bitcoin, criticized the bill for allegedly raising the debt ceiling by $5 trillion. In response, Trump indicated Musk's criticism of the bill has to do with the administration's stance on electric vehicle (EV) mandate.
Musk's Tesla (Nasdaq: TSLA) is the leading EV maker in the U.S. that also holds more than $1 billion on its balance sheet.
Brian Armstrong, the billionaire CEO of the Coinbase (Nasdaq: COIN) crypto exchange, has also warned that the failure of Congress to address the burgeoning national debt could lead to Bitcoin becoming the world's reserve currency.
Though it might seem rather odd for a crypto billionaire to be cautious of Bitcoin's growing adoption, Armstrong said:
"I love Bitcoin, but a strong America is also super important for the world. We need to get our finances under control."
On the crypto-based prediction market Polymarket, more than 90% of the traders have bet on national debt surpassing $38 trillion in 2025.
The total crypto market cap stood at $3.39 trillion at the time of writing.
Trump's 'big, beautiful bill' passes Congress with 90% odds of U.S. debt exceeding $38T first appeared on TheStreet on Jul 3, 2025
This story was originally reported by TheStreet on Jul 3, 2025, where it first appeared.
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