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Trump Fuels Bitcoin Fire by Calling Fed "Pathetic" for Not Making US Dollar Weaker

  • Alex Dovbnya
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    US President Donald Trump adds more fuel to the Bitcoin rocket by pressuring the Fed to weaken the US dollar

Trump Fuels Bitcoin Fire by Calling Fed "Pathetic" for Not Making US Dollar Weaker
Cover image via www.facebook.com
Contents

President Trump has once again lambasted the US Federal Reserve for keeping the interest rates way too high.

In his recent tweet, he makes a case against a strong US dollar on the heels of weak manufacturing data, which is bullish for Bitcoin.  

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“Bitcoin Rocket Fuel” 

As reported by U.Today, the Fed cut interest rates by a quarter-point for the first time in more than a decade on Sept. 18. This is major shift in the US monetary policy given that the country’s central bank wanted to tighten the grip on borrowers just one year prior to that.

Anthony Pomplino of Morgan Creek Digital described the rate cut as “Bitcoin Rocket Fuel.” It will weaken the US dollar given by increasing inflation.

Meanwhile, Bitcoin will be getting scarcer with every halvening event (the most recent one is slated to take place in just seven months).

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Dollar weakening bullish for BTC

There is a growing debate whether there is a correlation between the Bitcoin price and macroeconomic factors. Fundstrat’s boss Thomas Lee sticks to the narrative that BTC is indeed impacted by the US dollar.

We saw this last year with Fed hikes supporting strong USD and bitcoin down,” Lee told Barron’s back in July.

While Trump claims that he’s not a fan of Bitcoin, he might inadvertently push its price to new highs by pressuring the Fed to continue cutting interest rates.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
    📰 News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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