Stimulus checks are back in the conversation, and the obvious crypto question is whether this could create another 2020-style $BTC run. Trump has proposed a $5,000 “Trump Dividend” for U.S. adults if Republicans keep control of Congress after the midterms. Depending on the final structure, the total cost could reach around $1.2T to $1.35T. That is a huge amount of money potentially landing directly in household accounts. We already saw a version of this in 2020. Some of the first stimulus money flowed into Bitcoin, and Coinbase even saw a spike in deposits matching the exact $1,200 check amount. But the bigger story back then was the full liquidity environment. Rates were near zero, the Fed was running aggressive QE, money supply was expanding fast, fiscal spending was huge, and Bitcoin was coming out of the halving with growing institutional demand. All of that happened at the same time. Today the setup is different. Bitcoin is much larger, institutional participation is deeper, and the impact of the same amount of fresh money could be smaller in relative terms. A $1T+ payment program could still be a strong catalyst though. Even a small percentage flowing into stocks, $BTC and crypto would add fresh retail liquidity and could improve risk appetite across the market. For me, the key is what happens around the stimulus. If it arrives alongside easier financial conditions, falling yields and stronger global liquidity, the effect on Bitcoin could become much more powerful. If inflation and yields stay elevated, the reaction could be more mixed. So I see the checks as one part of the setup. The 2020 run came from several liquidity forces lining up together. If that starts happening again in 2026, $BTC could get very interesting.