On 10 August 2021, the U.S. Senate passed the USD 1 trillion infrastructure bill, known formally as the Infrastructure Investment and Jobs Act (Infrastructure Bill). The Infrastructure Bill includes provisions for approximately USD 550 billion in new federal spending over 10 years on various transportation, broadband, utilities, and other infrastructure projects. The Infrastructure Bill contemplates that USD 28 billion in income tax attributable to the disposition of digital assets will be collected over 10 years.
Bitcoin broke into the consciousness of the general public in 2017. In March of that year, the price surpassed its then-all-time-high of USD 1,342. By December 17, 2017, the price was USD 19,783, up 1,824% from January 1, 2017. About a year later, on December 7, 2018, the price had dropped to below USD 3,300, a 76% drop from the prior December.