Rajarshi Mitra
Independent Analyst
- Gemini exchange CEO, Tyler Winklevoss, believes Bitcoin will benefit from the US Federal Reserve pumping fiat money.
- US printing money will inflate the stock market, leaving Bitcoin as a viable alternative.
Tyler Winklevoss, the CEO of the Gemini exchange, has said that the US Federal Reserve pumping fiat money into the economy is good for Bitcoin’s prices. In a recent tweet, he said that “the Fed continues to set the stage for bitcoin's next bull run.” The tweet included a link to an article about the Fed’s discussions of further stimulus spending.
As a result of the economic fallout caused by the COVID-19 pandemic, the US govt has strengthened its monetary policies. This included a $2 trillion stimulus package, which, in part, handed out free money to US citizens, depending on income levels.
As a borderless, decentralized digital asset, Bitcoin holds as a potential hedge to mainstream markets and fiat currencies. It has a maximum supply of 21 million coins, protecting the asset against value dilution. Winklevoss said that the Fed printing money will inflate the stock market, leaving Bitcoin as an alternative.
When money printer go brrrr and inflate the stonks market, it’s time to bitcoin.
— Tyler Winklevoss (@tylerwinklevoss) July 18, 2020
Currently, BTC/USD is going through a slight bearish correction and has dropped below the $9,600-level. More on this here.
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