For the first time since its creation, Bitcoin is now trading within an immense period of global economic instability.<\/p>\n
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.<\/p>\n
The over $8 trillion globally that has been deployed to combat the pandemic\u2019s economic impacts has largely been the result of so-called \u201cmoney printing,\u201d leading mass inflation amongst fiat currencies to be imminent.<\/p>\n
Now, recent comments from the Federal Reserve chairman seem to have further vindicated Bitcoin\u2019s immense value<\/a>.<\/p>\n During a recent interview<\/a> 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.<\/p>\n Amongst many other things, he also stated that the central bank \u201cdigitally prints\u201d money as needed, adding that they are \u201cnot out of ammunition by a long shot.\u201d<\/p>\n These comments riled the crypto industry, leading many to claim that Bitcoin\u2019s value<\/a> as a deflationary and fully decentralized currency has been vindicated.<\/p>\n Further compounding upon his claim of the Fed having unlimited ammunition, Powell also noted that there is \u201creally no limit\u201d as to just how far reaching their emergency lending capabilities are.<\/p>\n He also added that they will continue supporting the markets once a long-term recovery begins.<\/p>\n \u201cThe one thing I can absolutely guarantee is that the Federal Reserve will be doing everything we can to support the people we serve\u2026 And that means providing some relief and stability now. It means supporting the recovery when it comes.\u201d<\/p><\/blockquote>\n The interview riled the crypto community, leading many to claim that Bitcoin<\/a> is an insurance policy against the results of the Fed\u2019s invasive involvement within the economy.<\/p>\n Travis Kling, the CIO at Ikigai Asset Management, spoke about this in a recent tweet, adding that Powell is \u201cgoing to do all the leg work for us.\u201d<\/p>\n \u201cJay 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\u2019s an insurance policy against this.\u201d<\/p><\/blockquote>\n Jay Powell is going to do all the leg work for us.#Bitcoin<\/a> is a non-sovereign, hardcapped supply, global, immutable, decentralized, digital store of value.<\/p>\n It\u2019s an insurance policy against this. pic.twitter.com\/06yh6dcBw6<\/a><\/p>\n — Travis Kling (@Travis_Kling) May 18, 2020<\/a><\/p><\/blockquote>\nFederal Reserve Chairman Claims Fed is \u201cNot Out of Ammunition\u201d<\/strong>\u00a0<\/strong><\/h2>\n
Crypto Investors Cheer as Powell\u2019s Comments Vindicate Bitcoin<\/strong><\/h2>\n
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