Tether Minting Means Bitcoin Buying Demand from Investors, While Fed Is Printing Non-Backed USD, Says Blockstream CEO

Libra Coin News
Sat, 09/21/2019 - 12:30
Yuri Molchan
On Friday, the US Fed Reserve conducted QE by printing $75 bln and $53 bln earlier in the week, making the crypto community expect the Bitcoin price to surge soon
Cover image via U.Today
Contents

Last time the Fed Reserve printed extra USD, was back in 2008 during the US mortgage crisis with many believing that this was the reason for inventing Bitcoin in the first place.

As per the co-founder of Morgan Creek Digital, Anthony Pompliano, the Fed has printed over $275 bln in just four days after reducing the interest rate earlier this week. 

He also called it QE ‘rocket fuel’ for Bitcoin price as many experts and investors expect that now, after the QE made by the ECB and now by the Fed Reserve too, along with the upcoming BTC halving next year, the Bitcoin price will surge.

Adam Back praises USDT minting

While responding to a tweet of a crypto investor in which he showed surprise at people calling Tether minting a market manipulation and Fed printing ‘an open market operation’, the founder and CEO of Blockstream, Adam Back, stated that Fed’s USD is backed by nothing while Tether is backed by actual dollars.

He also stated that Tether minting extra USDT shows a high degree of investors’ demand to buy Bitcoin and is basically a good sign.

Related
Binance CZ Responds to Complaints of DGB Coin Founder about Its Dismissal, Community Reacts

Bitcoin price will now surge, believes BitMEX CEO

The chief executive of the BitMEX derivatives crypto exchange Arthur Hayes has recently stated that due to the upcoming plans of the Fed Reserve to print some extra billions of USD, the the Bitcoin price may soon hit $20,000.

As a reminder, that is the all-time high BTC reached in December 2017, right before the crypto winter broke out.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.


This site uses cookies for different purposes. Please set your preferences in Consent Settings and visit our Cookie Policy for more information on how and why cookies are used on this site.

Cookie policy