Tyler Winklevoss suggested that the FED’s moves was code for “buy Bitcoin”. FED Chair Jerome Powell has argued for more money printing.
Powell addressed a press conference following the Fed’s Nov 5 meeting in the state of the economy. As he had stated earlier, Powell reiterated that the central bank was still not out of economic tools to shore up the economy. The FED plans to employ a range of tools to support the economy which include; financial stimulus measures, stock market interventions, and direct payments to Americans. He was quoted by Reuters as saying that the economy could make a huge comeback with the right support.
“I just would say that I think we’ll have a stronger recovery if we can just get some more fiscal support, when it’s appropriate the size Congress thinks is appropriate.”
Many have warned about the potential impact of inflation with the FED short term interventions in the economy. The growing public debt standing at $27.4 trillion is worrying. Bitcoin unlike the dollar is fixed in its supply so naturally the asset kept gaining value as Powell let it be known that short term interventions would see the supply of money increased.
On election week, the BTC gained by 15% and has risen to levels that were last seen three years ago. With the short term interventions by the FED to adjust to prevailing conditions, there seems to be little in the way of BTC reaching the $20,000 summit that was last seen in 2017.
As we await Bitcoin’s next move, predictions have come in thick and fast with the Winklevoss twins leading the line in bullish predictions. According to the twins, Bitcoin will reach the $500k in due time. Tyler Winkelvoss is of the opinion that Bitcoin enthusiasts should expect a lot more from Bitcoin.
The thinking there was that institutions of note were beginning to embrace Bitcoin and all that’s needed is for a critical mass of fortune 500 companies getting on board for BTC to blow up. If current trends are to be seen as an indicator for the future, then Tyler’s bullish position makes a lot of sense.
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