The U.S. is one of the first countries to come across a Covid-19 infection, after Wuhan, China. It was in December 2019 when it all started, further spreading it across the globe. The U.S declared it a pandemic, a global health emergency on 13th March 2020.
It took a while for Trump to have a realization that he needs to take up a step to combat the pandemic. Keeping the fact in mind that the health of American citizens is a priority, Trump suspended all the travel visas until further notice for China and South Korea, which was followed by the suspension of visas for Europe and other nations too.
The Trump administration had previously passed an $8.3 billion Emergency Coronavirus Response bill to combat the spread. Further, just yesterday, the US Senate approved a $2 trillion bill to provide aid to the US economy and buy medical equipment for the treatment of Covid-19.
Twitter CEO Jack Dorsey, however, maintains a different opinion regarding this development. He believes that people are in need of emergency help. Instead of funding banks, technology can be used in a better way to provide aid. Firms like Square and many more can be of great help.
People need help immediately. The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US government: let us help. https://t.co/mVrpOpbp0b
— jack (@jack) March 26, 2020
Agreeing to what Dorsey said, Balaji S. Srinivasan, Co-Founder, and CTO of Biotech suggested a few other names from the financial sector who can be of massive help in this time of crisis.
Square, Stripe, PayPal could all get this done. Just give them the ability to do it. https://t.co/dr12K4PqBC
— Balaji S. Srinivasan (@balajis) March 28, 2020
When, Srinivasan suggested big names like Square, Stripe, and PayPal, the CEO of Binance, Changpeng Zhao, couldn’t stop from strongly agreeing to the idea of Dorsey and Srinivasan and tweeted about how the money given to the banks can be inefficiently distributed and further led to slowing down the recovering process. Whereas if technology companies are involved, it can be done much faster.
Yeah, sadly, they give money to banks, who actually can't handle/distribute money efficiently. It's technology companies that could get this done fast.
— CZ Binance ??? (@cz_binance) March 28, 2020
A lot of investors expected strict action from the U.S. government to fight against the deadly virus. It took a while for Trump to action, his assumptions of calling it a “hoax” led to a major health crisis in the U.S. which will be sooner or later followed by a massive recession. His slow reaction to the global crisis has led to an overall failure.
Until 27th March 2020, there are 86,012 positive cases registered in the US, which is more than Italy. 1,300 Americans have already lost their lives. The projections indicate that there are chances of nearly 150 million residents and 70 million people likely to be infected.