As a result of its two-day policy meeting, the US Federal Reserve has finally approved its a quarter-point interest rate cut, CNBC reports.
Anthony Pompliano, the co-founder of Morgan Creek Digital, has already stated that it could be “Bitcoin rocket fuel.”
BREAKING: Fed cuts rates 25 basis points to a range of 1.75%-2%— Pomp 🌪 (@APompliano) September 18, 2019
Bitcoin Rocket Fuel 🔥
Earlier, he explained that the central bank’s monetary policy could fuel the Bitcoin price growth given that it would devalue the US dollar.
Bitcoin Rocket Fuel (n): The combination of ingredients, usually interest rate cuts & printing money, that leads to Bitcoin’s continued price appreciation.— Pomp 🌪 (@APompliano) September 18, 2019
Used in a sentence: The Fed kept pouring Bitcoin Rocket Fuel into the market to see how high the new currency could go.
Still, President Donald Trump is seemingly upset over the Fed decision given that he demanded larger rate cuts earlier.
Jay Powell and the Federal Reserve Fail Again. No “guts,” no sense, no vision! A terrible communicator!— Donald J. Trump (@realDonaldTrump) September 18, 2019
According to MarketWatch, the US stock market took a hit after it became clear that the central banks might not reduct interest rates one more time this year. The Dow is currently down 0.73 percent.
At press time, Bitcoin remains dormant with its price sitting slightly below the $10,200 level.
However, the Fed news will certainly have wide-reaching implications that will affect crypto.
BitMEX CEO Arthur Hayes predicted that the Fed’s quantitative easing measures could push the BTC price to $20,000