As the chairman of the board, Jerome Powell (Jerome Powell) asked to print more money, the Fed is still inadvertently touting Bitcoin.
In a tweet on November 6, Exchange Gemini co-founder Tyler Winklevoss stated that Powell’s last speech this week was “buy bitcoin tokens.”
Secretary of State Powell: Congress must increase momentum
Powell talked about the economic situation and future work at a press conference after the Fed meeting on November 5.
He continued to emphasize that the central bank has not exhausted a set of tools to support the economy. So far, this includes strong stock market intervention, economic incentives, and direct payments to Americans.
Reuters quoted him as saying: “I just want to say that if we can only get more financial aid in due course, I think we will be stronger…to the scale that Congress considers appropriate.”
Long-term supporters of Bitcoin have warned of the long-term effects of the central bank’s short-term economic intervention, as evidenced by the sharp rise in the national debt of the US and other countries in 2020.
Last Friday, the Fed’s balance sheet reached 7.14 trillion US dollars, a record high. The national debt of the United States has exceeded 27.2 trillion US dollars, which is an unprecedented number in history.
“There are actually no more bitcoins for sale”
Within a week, there was clear evidence that the supply and demand relationship in the industry was easy. When Powell gave his first speech, the stable supply of Bitcoin continued to rise.
Since the beginning of this week, the largest cryptocurrency has risen by more than 15% and has risen to its highest level since the end of 2017.
Quantum analyst PlanB and others believe that this is to be expected, because investors bought a recession after the six-month support halving of the block, thereby halving the supply of new bitcoins.
This includes corporate buyers who currently have increased requirements, including the Square payment gateway, which generated 80% of its third-quarter revenue from Bitcoin.
The popular girevik Twitter account concluded: “There is almost no more BTC to sell.” He pointed out that exchange buyers under $13,000 are gaining a lot of support. The seller has not changed the market, even if the price is less than $16,000.