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With the Bitcoin price now up 29% for the week, BTC is now eyeing $7,000 after the Fed announced having ‘Infinite Cash’.
As various sources reported, the Fed will now embark on a giant buyback exercise which will be worth $125 billion each day — or a massive $2.5 trillion per month.
Aimed at shoring up the U.S. economy, the scheme is akin to flooding the market with “new” dollars in what has become the biggest money printing experiment in U.S. history.
Treasury Secretary Steven Mnuchin has already described the liquidity on offer to businesses and banks as “almost unlimited.”
In an interview with CBS on Sunday, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, went further still, saying:
“There is an infinite amount of cash in the Federal Reserve. We will do whatever we need to do to make sure there’s enough cash in the banking system.”
This, in turn, has emboldened gold bugs and Bitcoiners alike, who argue that fiat is rapidly unraveling as a trustworthy financial instrument.
In a tweet following the news, PlanB, the creator of Bitcoin’s stock-to-flow price model, described the Fed’s actions as the central bank going “full Zimbabwe.”
House Democrats Propose ‘Digital Dollar’ in Move Big For Bitcoin:
Here’s Why 11 years after Satoshi Nakamoto launched Bitcoin, some facets of the U.S. government have finally indicated that they are seriously considering the creation of a digital dollar, a move that many say could validate cryptocurrencies, especially BTC.
According to a Bloomberg Law report released Monday, Democrats in the House of Representatives are seriously considering the creation of a system of digital wallets, in which a “digital dollar” (unfortunately not Bitcoin) would be stored.
This intent was revealed in a legislative text published Monday by the House Financial Services Committee Chairwoman Maxine Waters.
The idea with this, of course, is that it would be much easier to enact the Hill’s proposed stimulus plan against economic disaster to give every American thousands of dollars through a digital system rather than through a physical system of, say, cheques.
As Bloomberg wrote:
“Large Federal Reserve banks and other financial institutions [will need] to provide digital wallets to individuals and joint tax filers eligible for direct governmental emergency payments currently under negotiation in the historic economic relief package.”
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