The US Central Bank has said recently that it will inject over $6 trillion into small scale businesses and corporations. In the same light, the US number one bank has further promised another $2.3 trillion injection in the coming days.
Pomp was later quoted on Twitter as saying he had lost count of the number of injection the central bank is planning to put into the economy branding it “too hard” to keep up with.
Mike Novogratz urges investors to focus on Bitcoin
Mike Novogratz has said asked investors to start buying Bitcoin while trolling the measures put in place by the government to stimulate the country’s economy. He said investors should look into buying Bitcoin Incase the dollar printing doesn’t go as planned.
Meanwhile, CEO of Galaxy Digital crypto bank has said in an interview that if the price of bitcoin doesn’t go as high as $20,000 in the coming weeks, he is prepared to give up on it.
Crypto influencers rally against QE
Jimmy Song, a crypto analyst and developer has reiterated in a tweet that the influx of cash into the economy by the federal government would hurt the economy in the long run.
He stated that the injection would be a hard hit on third world countries, in other words, the need to accumulate dollar would be high and American bureaucrats will scorn them because of the bad monetary policy imposed on them.
Echoing the words of Mike Novogratz, Digital Assets Director at VanEck, Gabur Gurbacs stated that only bitcoin can help in a time like this because it is free from the government’s manipulation.
Preston Psych, has said that the government needs to peg the monetary policy in other to cure the situation on the ground. He was quoted as saying:
The cure is to peg the global inflationary monetary policy. Nothing else will slow the trend of price deflation, break-neck innovation outstripping human capacity 2 fairly compete across all social classes which ultimately obliterates the middle class and polarizes rich and poor.