By Hassan Mehmood (Saudi Arabia)
As the Fed has a desire for inflation, safe-haven assets-Bitcoin and gold- may become the favorite assets of the investors. Even Visa executive asks people to “opt out with Bitcoin.”
On August 27, Fed Chair Jerome Powell stresses that the Fed will do anything to stop deflation in his speech entitled “Challenges and the Fed’s Monetary Policy Review.” One day after the speech on August 28, the U.S. dollar currency index (DXY) fell to 92.28, the lowest position since August 2019.
Visa’s Stance about Bitcoin
The speech of the Fed Chair can create problems for the US dollar but is good for Bitcoin and gold. The shift from fiat to digital currency is imminent thanks to the Fed’s policies. Senior director of public policy at Visa, Andy Yee, said:
“Jerome Powell’s speech today will be for the history books…Never in the history of mankind was so much stolen from so many by so few. Opt out with Bitcoin.”
According to Real Vision CEO Raoul Pal, Fed policy about the US dollar will push gold and Bitcoin up in the future. He said over Twitter:
“Most people don’t understand the latter but is simply put, Powell has shown that there is ZERO tolerance for deflation so they will do ANYTHING to stop it, and that is good for the two hardest assets – Gold and Bitcoin. Powell WANTS inflation.”
Bitcoin can perform better than Gold
According to him, Bitcoin can perform outstandingly as compared to gold. “Overall, I think #Bitcoin outperforms gold. Gold can go up 2x or 3x or even 5x while bitcoin can go up 50x or even 100x, Pal added.
Author of the famous book “The Bitcoin Standard” believes that the time will decide the winner between Bitcoin and fiat currency. Saifedean Ammous said in Unchained Podcast that “the central banks’ quantitative easing and everybody helicopter money policy and giving everybody checks seems to have done the same for the stock market. Now, let’s wait and see for the long-run effects of the two approaches.
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