Tyler Winklevoss, the renowned co-founder of Gemini cryptocurrency exchange, argues that the imminent Fed speech, which many propose will emphasize on increasing inflation, is only good news for the BTC/USD pair.
Winklevoss is of the opinion that Bitcoin is receiving the majority of its price backing from the Federal Reserve itself.
As per a recent tweet, Winklevoss argued that Fed policy is and will remain bolstering Bitcoin’s fortunes.
The reason behind the notion mentioned by Winklevoss is that the consequence from Covid-19 containment procedures across the US economy will mean that the central bank unintentionally makes Bitcoin more attractive by decreasing the attractiveness of the dollar.
Today, Fed chairman Jerome Powell will deliver a speech that commentators suppose will comprise a proclamation on letting increase intensely. As per him, this alone makes BTC instantaneously striking.
“The Fed, under the leadership of Jerome Powell, continues to be Bitcoin’s biggest booster.”
He further added,
“On Thursday, he will deliver a speech about how the Fed will begin targeting higher inflation.”
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