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The US dollar is now “fun money” and that favors Bitcoin

August 7, 2020

The fact that the United States has not agreed on the incentive for the coronavirus shows this The dollar is “fun money” and prefers Bitcoin (BTC)says Cameron Winklevoss.

In one Tweet from August 6th The Gemini Stock Exchange co-founder gave a damned assessment of the lack of progress in Washington to provide more financial aid.

A “wake-up call and approval for Bitcoin”

Talks between Democrats and Republicans were “on the verge of collapse”.CNN reported on Friday that the stimulus amounts desired by both parties differed by several trillion dollars.

The US dollar is now “fun money” and that favors BitcoinThe US dollar is now “fun money” and that favors Bitcoin

For Winklevoss The idea that politicians with vastly different amounts of money could plan the same goal said more about the value of the dollar than about its differences.

“”The dollar has become such fun money that politicians in business negotiations are now “trillions of dollars away”. Do you remember when a billion was a great number? “, He wrote.

“If this isn’t a wake-up call and approval for Bitcoin, I don’t know what it is.”

His comments come from the fact that a weak dollar creates a race among investors for safe havens.and both Bitcoin and precious metals are making significant gains.

Meanwhile brother Tyler Winklevoss has spoken in the news about Goldman Sachs, historically risk averse to Bitcoin, hiring a digital asset manager.

“Goldman Sachs is now in Bitcoin. What a face since the ‘Don’t Buy Bitcoin’ report released three months ago in May,” he commented.

As Cointelegraph reported The trend could continue if the Federal Reserve takes action to increase inflation from 0.6% to 2-4%., something that would be “wildly bullish,” at least for gold, an analyst said this week.

Pal: Bitcoin beats gold against G4 money printing

Regardless of the business cycle agreement reached by the government The expansion of the money supply and the artificial support of the markets will inevitably encourage Bitcoin advocates.

The Federal Reserve’s balance sheet as of Aug. 7 was $ 6.94 trillion with gross national debt of $ 26.6 trillion. o USD 214,000 per taxpayer.

US Federal Reserve's balance sheet chart since the beginning of the year

Graph showing the balance of the Federal Reserve for the year to date. Source: Federal Reserve

Meanwhile beyond the United States The effects of money pressures have become so alarming that analysts are revealing strange investment figureswhich would only have been possible through major interventions in the currency.

For example, The Turkish lira fell to a record low against Bitcoin earlier this weekand investors questioned the country’s ability to sustain the value of its battered currency.

On the other hand, The combined balance sheets of the G4 central banks are so bloated that the rise in gold to the USD’s all-time highs seems insignificant.

“”Many of us own gold to offset the dilutive effects of growth on the balance sheets of the major central banks on the fiat currency. However, the G4’s BS has surpassed the rise in gold. “, Raoul Pal, Founder and CEO of Global Macro Investor and Real Vision Group, “tweeted Thursday and uploaded comparison tables.

Continuing, Pal pointed to a significant advantage Bitcoin had over gold in this regard, despite its latent gains over the precious metal..

In summary:

“Actually, Only one asset offset the growth in the G4 balance sheet. No socks, no bonds, no raw materials, no loans, no precious metals, no miners. Only one asset massively exceeded almost any time horizon. Yes. #Bitcoin $ BTC. “

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