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A representative Bitcoin figure reports that Europe should “collect Satoshis” while the ECB is preparing a $ 1.5 billion bailout

June 4, 2020

Another day, another trillion dollars: The European Central Bank (ECB) has announced it will double its coronavirus buying program to shock Bitcoin (BTC) defenders to € 1.35 trillion.

In a press release dated June 4 The ECB was the last central bank to step up its controversial response to the coronavirusThis will add 600 billion euros to the so-called pandemic emergency purchasing program (PEPP).

ECB: “flexible” asset purchases will continue

PEPP was founded in March and was originally worth € 750 billion. It is a massive purchase of public and private sector securities.

A representative Bitcoin figure reports that Europe should “collect Satoshis” while the ECB is preparing a $ 1.5 billion bailoutA representative Bitcoin figure reports that Europe should “collect Satoshis” while the ECB is preparing a $ 1.5 billion bailout

Like Federal Reserve stocks, the program has not yet reached the dizzying heights of US purchases, but it still has it essentially represents the emergence of wrong market demand.

“Purchases will continue to be flexible across all asset classes and jurisdictions over time,” the statement said.

“This enables the Governing Council to effectively avoid risks of a smooth transfer of monetary policy.”

Fed balance sheet chart affecting coronavirus strategy

Graph of the Fed balance sheet with the effects of the coronavirus strategy. Source: Federal Reserve

Hodlonaut: “Collect Satohis!”

The move is just another step in the frenzied “management” of the corona virus by central banks and governments.. As Cointelegraph has often reported, the measures, which include unprecedented money printing, are often criticized as being more harmful than the corona virus.

The Fed has fueled frustration with the president Jerome Powell publicly recognizes the authority to print unlimited amounts of fiat money.

In response to the ECB, Lightning Torch organizer Hodlonaut informed Twitter users that they were opting out of Bitcoin. “Accumulate Satoshis!”, summarized.

H.Had odlonaut asked In the past, why should taxpayers bother paying taxes to the government in an age of unlimited money?

As fiat money gets increasingly watered down and savings lose value every day, for many, Bitcoin offers the only really affordable cash solution. Unlike its old alternative, gold, Bitcoin does not cause physical storage problems, is not confiscable and cannot be counterfeited or contaminated.

The supply is also strictly limited and the emission cannot be accelerated regardless of the amount of human energy used for coinage (mining).

Because of its incentive structure, miners are not encouraged to agree that mining Bitcoin is more like mining an unlimited asset like gold.