Bitcoin
BTC
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Bitcoin prices have topped $70,000 per Bitcoin, up from a low of $15,000 at the end of 2022, and wild speculation that this week's “leak” could completely change the price landscape on Wall Street. is causing speculation.
As the market braces for a major inflation reversal from the Fed, when asked when the Fed will include Bitcoin on its balance sheet, Fed Governor Neel Kashkari responded, “I can’t believe it.”
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Fed Governor Neel Kashkari was asked when the Fed would put Bitcoin on its balance sheet. … [+]
“You've already said on the record that you have an unlimited supply of dollars, so wouldn't it make sense to exchange some of that for a hard-capped currency?” said Jennifer, Managing Editor of Pensions and Investments. Abran asked Mr. Kashkari. He held a LinkedIn Live event on behalf of his audience and he mentioned the fixed supply of Bitcoin, which is 21 million Bitcoins.
Minneapolis Fed President Kashkari responded, “What is that hard cap?” “Bitcoin’s hard cap could be zero, or it could be zero. Just replace the word Bitcoin with Beanie Babies. Beanie Babies were a fad, so the Fed Should I buy the Babies?”
To change Bitcoin's “hard cap” of 21 million, a majority of Bitcoin miners who maintain the network in exchange for Bitcoin would need to vote in favor of the change. This will cause the network to “fork” and a small number of miners will continue to hold Bitcoin at her 21 million hard cap.
Like Beanie Babies, Kashkari said that Bitcoin has “no real utility in the economy other than being a nice toy that some people own and enjoy transacting.” He added that the use of “is to try to overturn banking regulations or try to get around marijuana.'' Banking and illegal activities. ”
Kashkari said that Bitcoin “has been around for more than a decade, and even after more than a decade, there is no legitimate use case in developed democracies.” “I'm very concerned about the existence of Bitcoin.” Consumer perspective. ”
Kashkari's comment: explained Alex Gladstein, chief strategy officer at the Human Rights Foundation, called it “incredible” and said the footage would “be studied by future historians.”
“Those last two words are interesting,” Gladstein said. Posted “Does that mean he thinks it can be used in flawed democracies and dictatorships? Maybe we can work it out somewhere.”
Bitcoin has found demand in countries that have suffered from hyperinflation in recent years, such as Turkey and Venezuela.
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Bitcoin prices have recovered from the 2022 price crash and have topped $70,000 per Bitcoin.
Gladstein continued: “In advanced democracies, BIT is becoming increasingly important, from power grid management to sending money abroad, saving for your family’s future, microtransactions, multi-signature financial management, monetizing waste energy, and reducing methane. There are dozens of legitimate uses for the coin,” he added. Emissions are building digital commerce experiences that withstand scrutiny, donating to charity. ”
Kashkari is one of the most hawkish members of the Federal Open Market Committee (FOMC), which determines the Fed's interest rate settings, but he went on to warn that the Fed may not cut rates at all this year if inflation does not fall further. did.
“If inflation continues to move sideways, I… [need] There should never be a rate cut,” Kashkari said.
The rise in Bitcoin prices over the past few months has been driven in part by market expectations that the Federal Reserve will soon have to cut interest rates from their highest levels since the 2008 crisis as the US grapples with a burgeoning debt mountain. It becomes.
Last month, Michael Novogratz, CEO of Bitcoin and crypto financial services company Galaxy Digital, predicted that Bitcoin prices and the broader crypto market would benefit from the massive US debt.
“There's one number I think you should keep on your refrigerator: $34 trillion in debt, $35 trillion in 100 days, $36 trillion in 200 days, and even the United States.” “If we stay healthy, the story of Bitcoin and other digital assets will continue to grow,” Novogratz said during the company's recent earnings call. ” [bitcoin] Stories have power now. ”
