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.
Federal Reserve Chairman Claims Fed is “Not Out of Ammunition”
During a recent interview with 60 Minutes, Federal Reserve Chairman Jerome Powell explained that the central bank has essentially been flooding the markets with money in order to thwart a full-blown recession.
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.”
Crypto Investors Cheer as Powell’s Comments Vindicate Bitcoin
The interview riled the crypto community, leading many to claim that Bitcoin is an insurance policy against the results of the Fed’s invasive involvement within the economy.
Travis Kling, the CIO at Ikigai Asset Management, spoke about this in a recent tweet, adding that Powell is “going to do all the leg work for us.”
“Jay Powell is going to do all the leg work for us. Bitcoin is a non-sovereign, hardcapped supply, global, immutable, decentralized, digital store of value. It’s an insurance policy against this.”
Jay Powell is going to do all the leg work for us.#Bitcoin is a non-sovereign, hardcapped supply, global, immutable, decentralized, digital store of value.
It’s an insurance policy against this. pic.twitter.com/06yh6dcBw6
— Travis Kling (@Travis_Kling) May 18, 2020
Even outspoken Bitcoin critic Peter Schiff noted that Powell’s comments show that fiat currency is essentially worthless.
“Jerome Powell just said there is no limit to what the Fed can do. Since all the Fed can actually do is “print” money, Powell believes there is no limit to how much money the Fed can print. That is only true if the Fed is willing to keep printing until the money is worthless!”
Jerome Powell just said there is no limit to what the Fed can do. Since all the Fed can actually do is "print" money, Powell believes there is no limit to how much money the Fed can print. That is only true if the Fed is willing to keep printing until the money is worthless!
— Peter Schiff (@PeterSchiff) May 17, 2020
As the Federal Reserve continues increasing its involvement within the market, it is highly likely that this will further catalyze Bitcoin’s growth and adoption.
Featured image from Unplash. origin »
Bitcoin’s unmatched $2 trillion market cap, robust security, and global trust mean it is positioned to bridge the gap for retail and institutional investors
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Ñîîáùåíèå Bitcoin Miners Embrace Eco-Friendly Innovations for Greater Efficiency at the Global Digital Mining Summit ïîÿâèëèñü ñíà÷àëà íà Coinstelegram.
In a rapidly evolving global landscape, where nations are vying for dominance in the Bitcoin mining sector, Oman has emerged as a dark horse with its ambitious plans. The nation aims to capture a staggering 7% of the global Bitcoin hash rate by June 2025.
Bitcoin’s historical price performance confirms that a hard limit on total supply and seamless global usability is critical to becoming a store of value.
China is back with a vengeance. The Cambridge Centre for Alternative Finance, or CCAF, collected data “spanning the period from September 2021 to January 2022” for their latest study. The headline is that, ban or no ban, the Asian country controls 21% of the Global Bitcoin mining hashrate.
Bitcoin the largest cryptocurrency is currently on a roll. Bitcoin along with other main cryptocurrency projects have the potential to disrupt the global financial system. BTC is portrayed to has theThe post This exec believes Bitcoin will soon become the global reserve currency appeared first on AMBCrypto.
Bitcoin has been recognized as a hedge against global events and the COVID-19 pandemic was a strong example of this. As the global economies are still recovering from the massive hit of the pandemic, The post Bitcoin hits $100K in Turkey's P2P market as Lira weakens appeared first on AMBCrypto.
Bitcoin prices drifted higher on Wednesday, breaking away from bearish calls as Christine Lagarde raised the need to regulate it at the global level. In an interview with Reuters, the European Central Bank President said that Bitcoin is a highly speculative asset that has facilitated “some reprehensible activity,” such as money laundering, adding that “there […]
Buying and selling Bitcoin worldwide should not only be convenient, but also cheap. Bitcoin Global recently announced how all traders are done free of charge throughout August 2020. A significant step forward to broaden global adoption of the world’s leading cryptocurrency.
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Q1. It is the twelfth year since the birth of Bitcoin, and the global digital asset market has gradually changed from the blue ocean to the red ocean. Bitcoin will be halved in May 2020, and the halving of digital assets is coming.
The COVID-19 pandemic is growing at an alarming pace, impacting virtually every major country and having devastating impacts on the global economy. Much to the chagrin of Bitcoin investors, the benchmark crypto has been struggling (from a price-perspective) despite long being thought of as a “digital gold” or a safe haven asset.
Bitcoin was one of the few assets heading higher this week as fears about the Coronavirus outbreak led a steep fall in global markets. The benchmark cryptocurrency on Tuesday was up by 1. 91 percent to trade near $9,066.
Many have been bearish on bitcoin after the dominant cryptocurrency breached support of $9,000 in September. The month-long consolidation around $8,000 is not helping either. It is only giving bitcoin haters more reason to scream their bearish outlook.
If you believe conspiracy theories, then you already know that elites hate bitcoin. Bitcoin disrupts the trillion-dollar global banking system. It frees individuals from state-run currency systems.
In the eyes of many across the globe, including anti-establishment figures, credited and established economists, and consumers, the macroeconomy could be on the verge of collapse. In fact, in a recent Bloomberg op-ed, Narayana Kocherlakota, the former president of the Federal Reserve’s Minneapolis arm, advised his old employer to prepare for a crisis.
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The People’s Bank of China (PBOC) announced on Friday, July 6, that Bitcoin trading in renminbi (RMB) has decreased to less than one percent of the world total. The trading figure reached its peak at 90 percent of the global total.
Crypto mining activities have often been called out because of their effects on the environment. However, in recent times, the environment has hit back at crypto mining facilities. Recent floods in Sichuan in China and heat waves in some regions of Europe made the global hash rate drop briefly, reports Financial Times.
The People’s Bank of China (PBOC) has declared victory over Bitcoin, stating that the market leader’s trading in its national currency has fallen to less than 1 percent of total global volume.
The U. S. Securities Exchange Commission [SEC] has received an application for a Bitcoin ETF license from CBOE Global Markets. The license would enable even greater institutional investors to invest in Bitcoin.
Ran into this article over the weekend. The piece was extremely well written and resembles a lot of the stuff being published today. Though in retrospect, I think the question posed in the headline has been answered with a resounding affirmative.
The United States Securities and Exchange Commission (SEC) is examining an application from the Chicago Board Options Exchange (CBOE) Global Markets which, if approved, could grant the company a coveted bitcoin ETF license, and bring new waves of institutional investors to the bitcoin arena.
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Imperial College London recently released a research paper that points to the imminent adoption of Bitcoin and other cryptocurrencies in mainstream finance. The report’s authors believe that Bitcoin already exhibits the core properties of money, and thus could become the de facto currency for global commerce within the next decade.
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Even despite pressure from China and India - which comprise 35 percent of the global population - cryptocurrencies are bouncing off their lows. Which coins are confirming a bottom? Let’s check the charts
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Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
