The US Federal Reserve continues to inadvertently announce bitcoins, and President Jerome Powell is advocating for more print money.

In a tweet on November 6, Tyler Winklewos, co-founder of cryptocurrency exchange Gemini, said Powell’s last talk this week was “a token for buying bitcoins.”

SECRETARY POWELL: Congress needs more incentives
Powell spoke at a press conference following the Fed’s November 5 meeting on the state of the economy and future action.

As before, he reiterated that the central bank did not use tools to support the economy. So far, these have included extensive stock market interventions, financial stimulus measures, and direct payments to Americans.

“My point is that I think we will achieve a stronger recovery if we can get more financial support when appropriate … at a size that Congress deems appropriate,” Reuters quoted him as saying.

Bitcoin proponents have long warned of the long-term consequences of short-term intervention from central bank economies, which could lead to huge increases in government debt in the US and elsewhere by 2020.

The Fed’s balance sheet hit $ 7.14 trillion on Friday, close to record highs. The US national debt exceeded $ 27.2 trillion, an unprecedented figure in history.

Fed balance sheet since 2007. Source: Federal Reserve System.
“There is practically no bitcoin left for sale.”
In what some have called this week a clear testament to the ease of supply and demand at work, Bitcoin – always available – continued to rise when Powell gave his first speech.

The largest cryptocurrency has surged more than 15% since the beginning of the week, climbing to levels not seen since the end of 2017.

According to quantitative analyst PlanB and others, this was to be expected as investors bought out the recession after six months of cutting the blockchain in half, cutting access to new bitcoins in half.

This includes current business buyers who have filed their claims, including Square Payment Gateway, which received 80% of its Q3 revenue from bitcoin.

Girevik’s popular Twitter account summed up that there was “virtually no bitcoin left to sell,” noting significant buyer’s support on exchanges at levels below $ 13,000. Sellers still have to influence the market, even around $ 16,000.

Source: CoinTelegraph

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