Bitcoin will benefit from the dollar’s devaluation
The signals are increasing as the winds of economic change become stronger. A global economic slowdown has already begun as central banks strive to shore up their economies by pushing more money. The last financial crisis has been caused by banks and it is very likely that they will be responsible for the next one.
Just over a decade ago, the world was plunged into the biggest financial crisis since 28 years ago. The US banking system broke up the world economy by going beyond loans to cover derivatives trading. It took years to recover, but it seems that the economic sky is dimming again.
Last week, the US Federal Reserve cut interest rates for the third time this year. It is all about promoting spending and borrowing while avoiding saving. For President Trump, however, this is not enough, as he wants negative interest rates.
In another typical Trump tirade, he blew up the Fed again late last week, stating that the central bank is a bigger economic threat than China, which has its own banking problems.
People are VERY disappointed in Jay Powell and the Federal Reserve. The Fed has called it wrong from the beginning, too fast, too slow. They even tightened in the beginning. Dollar & Rates are hurting …
Others are running circles around them and laughing all the way to the bank.
– Donald J. Trump (@realDonaldTrump) 31. October 2019
Most economists agree that Trump’s war on China’s trade has hurt the US economy more than high interest rates. As the Fed creates more money, the dollar value deflates even further. Since According to research, a person using . 529 Dollars. Former Congressman and Bitcoin cop Ron Paul also took a blow to the current banking system, adding:
The Fed is a government-created monopoly that trumps the dollar by trillions, and it is believed that this is “capitalism.”
Bitcoin solves the problem
Bitcoin, with a given supply, immunity from interference by the central bank and decentralization by any state or nation, makes it the perfect solution. In theory, Bitcoin would become the world currency that puts control back on people, not banks. A massively flawed banking system was the catalyst that brought Bitcoin to life in the first place. As Satoshi Nakamoto wrote:
Text Proof: newsbtc