Bitcoin (BTC) received ironic support from US President Donald Trump on March 27 after he announced that he supported dollar manipulation.
During a press conference shared by many Twitter commentators, including Blockstream's Samson Mow, CSO defended the US Federal Reserve in a move to "print" over $ 6 trillion.
- Samson Mow (@Excellion) March 28, 2020
Trump: The dollar is "our money, our currency"
“The great thing about our country is 6.2 trillion dollars - because it's 2.2 plus 4 - that's 6.2 trillion dollars, and we can handle it easily because we know who we are and what we have, "he said.
“It is our money; they are one, that is our currency. ”
Although Trump did not give any further explanation on his line of thought, he did attest to the Fed's huge total liquidity supply to the US market. In turn, the supply of dollars will be greatly expanded.
It is this intervention in the supply of money that constitutes an important principle of Bitcoin as a financial solution. The coronavirus pandemic has spurred Bitcoin supporters, who waited when the Fed acknowledged that they had "infinite" funds.
"How much did we pay Trump to advertise Bitcoin?" Samson Mow writes on Twitter.
6 trillion dollars from nothing
A lot of responses to 6.2 trillion USD continue to appear, as many cryptocurrency users showed their surprise. Hodlonaut, who organized the transition of the Lightning Torch transaction last year, argued that in a situation where money was unlimited, the tax payment had no logical meaning.
Caitlin Long - former director of Goldman Sachs, a pioneer in approaching current regulations with Bitcoin in Wyoming, has described monetary intervention as killing capitalism.
She also warned that the Fed's balance sheet will more than double before the coronavirus crisis settles to $ 10 trillion.
In terms of size, $ 6 trillion was equivalent to all US gross domestic product in 1990, or enough to buy nearly 70% of the gold supply at spot prices.
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According to CoinTelegraph
Translated by ToiYeuBitcoin