By Hassan Mehmood (Saudi Arabia)
The author of a famous book “Price of Tomorrow” considers Bitcoin as a “lifeboat” in the financial uncertainty created by the policies of central banks.
Renowned author and entrepreneur, Jeff Booth, has discussed banking issues in detail while calling Bitcoin a “must have” investment.
As central banks have adopted the policy that they can escape debt by introducing more debt, Booth says that deflationary depression could result in the collapse of the current banking system.
Only Two Options for World
Booth says that there are two options left for the world: deflationary depression and hyperinflation. “Only two choices now – all around the world. Default through a deflationary depression (including banking system collapse) or default through hyperinflation,” he expressed in his tweet.
Like many other active Bitcoin supporters, he also raises his hand for Bitcoin as it is the best deal in current financial instability. He expressed his opinion by saying:
“In my humble opinion – Bitcoin is a “must” Not just for your wealth but as a lifeboat. Please do your own research.”
Jeff Booth is also famous for his book “The Price of Tomorrow” in which he discussed widely about deflation. He now holds that stance that global debt has been increased exponentially since the Coronavirus pandemic. The US is at the top of the list representing 10% of the global debt.
Fed’s Announcement
Peter Schiff criticized the latest Powel’s talk with reporters and the policy the Fed has adopted to contain financial pressure. Schiff said:
“Basically, Powell admitted that the reason Americans need to suffer a more substantial rise in their cost of living now is to give the Fed added flexibility to manipulate the markets and the economy in the future. In other words Americans will have to needlessly suffer twice.”
Bitcoin is currently trading at $10,830 after plunging from $11,000. The BTC market reacted very positively to the Fed’s announcement about keeping interest rates low. BTC needs to overcome the resistance level at $11,000 to show a satisfactory rally.
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