The Bitcoin news now show that the President of the United States, Donald Trump, said that he supported manipulating the US dollar in times like these. Many analysts figured that Bitcoin got support from the US president, after he held a press conference and defended the Federal Reserve printing more than $6 trillion.
Various Twitter commentators including the CSO at Blockstream, Samson Mow, said that this is how BTC is supported by the Fed and the US President. As quoted, Trump apparently said:
“The beautiful thing about our country is $6.2 trillion — because it is 2.2 plus 4 — it’s $6.2 trillion, and we can handle that easily because of who we are, what we are. It’s our money; we are the ones, it’s our currency.”
Even though kind of ironic, Bitcoin got support in a specific way. While the president did not provide any further explanation of his train of thoughts, he appeared to endorse the Fed providing the astronomical sum of liquidity from the US market. In turn, the dollar supply would be heavily expanded.
Right now, analysts believe that this form of meddling in the money supply forms a central tenet of Bitcoin as a financial solution. As we saw from the crypto news this week, the coronavirus epidemic got many into believing that harder times are coming – and the Fed (despite all of this) claimed that it had “infinite” money.
“How much did we pay Trump to advertise #Bitcoin?” Mow summarized.
How much did we pay Trump to advertise #Bitcoin? https://t.co/JPArXTSYW7
— Samson Mow (@Excellion) March 28, 2020
The reactions to the giant $6.2 trillion pump continue to appear as various crypto users showed their surprise. Hodlonaut is one of them – known as the organizer of last year’s Lighting Torch transaction relay. As he said, an unlimited money situation gives paying taxes no logical sense.
Bitcoin got support from Trump as analysts mentioned. According to Caitlin Long who is an ex-Goldman Sachs executive who pioneered the friendly Bitcoin approaches in Wyoming, this monetary intervention is what is “killing capitalism.”
She also warned that the Fed and its balance sheet would more than double before the coronavirus crisis abated to more than $10 trillion.
“In short-term, huge dollar demand bc short-covering, but it won’t last,” part of a tweet posted on Friday read.
So, is it true that Bitcoin got support from the US president with the latest action by the Fed?
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