According to Gemini co-founder and president of the Gemini cryptocurrency exchange, Tyler Winklevoss, U.S. government spending could drive up the price of bitcoin (BTC).
“The Fed continues to set the stage for the next Bitcoin bullish raid.”
Winklevoss wrote in his July 22 tweet, which linked to an article following a government agency’s discussion of further stimulus spending.
The Fed continues to set the stage for bitcoin’s next bull run. https://t.co/L5RKVHwCje
– Tyler Winklevoss (@tylerwinklevoss) July 22, 2020
Bitcoin is against inflation
Bitcoin, as a decentralized, government-free digital asset, is a potential collateral for major markets and the US dollar – which is often emphasized by many cryptocurrency supporters.
Bitcoin maintains a maximum supply of 21 million coins, protecting assets from weakening in value.
“When the money printer is doing brrrr and inflating the market, it means it’s time for Bitcoin.”
– Winkelvoss wrote on his twitter on July 18, referring to the US money printing that is pushing the stock market up while strengthening bitcoin’s position.
The US government is diluting the US dollar
Since March, the US government has stepped up its monetary activity in an attempt to support the struggling economy by printing huge amounts of US dollars. These efforts included a $ 2 trillion stimulus package which essentially consisted of giving away free money to citizens based on their income.
As the current stimulus measures come to an end soon, the government needs to assess the situation and then possibly issue an even larger bailout. Morgan Creek Digital co-founder Anthony Pompliano mentioned this in his latest live stream on YouTube. The financial expert mentioned US dollar inflation over the past few decades, highlighting the importance of converting cash into various assets, including Bitcoin.
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