Cryptocurrency
The Federal Reserve Chairman Just Made the Ultimate Case for Bitcoin
As reported at NewsBTC, “For the first time since its creation, Bitcoin is now trading within an immense period of global economic instability. “The Coronavirus pandemic has caused governments and central banks across the globe to take extreme actions in order to curb the damage done by a virtually frozen global economy. “The over $8 […]
As reported at NewsBTC, “For the first time since its creation, Bitcoin is now trading within an immense period of global economic instability.
“The Coronavirus pandemic has caused governments and central banks across the globe to take extreme actions in order to curb the damage done by a virtually frozen global economy.
“The over $8 trillion globally that has been deployed to combat the pandemic’s economic impacts has largely been the result of so-called ‘money printing,’ leading mass inflation amongst fiat currencies to be imminent.
“Now, recent comments from the Federal Reserve chairman seem to have further vindicated Bitcoin’s immense value.
“Amongst many other things, he also stated that the central bank ‘digitally prints’ money as needed, adding that they are ‘not out of ammunition by a long shot.’
“These comments riled the crypto industry, leading many to claim that Bitcoin’s value as a deflationary and fully decentralized currency has been vindicated.
“Further compounding upon his claim of the Fed having unlimited ammunition, Powell also noted that there is ‘really no limit’ as to just how far reaching their emergency lending capabilities are.
“He also added that they will continue supporting the markets once a long-term recovery begins.
“’The one thing I can absolutely guarantee is that the Federal Reserve will be doing everything we can to support the people we serve… And that means providing some relief and stability now. It means supporting the recovery when it comes.’