Saturday, May 30, 2020

Among other things, Trump is bullish on Bitcoin

Donald’s Trump interesting feud with the Chair of the United States Federal Reserve has been everything from entertaining to bewildering, but the President’s move to recommended Stephen Moore for a place on the Federal Reserve Board is just one of the worst decisions that could plunge the Bitcoin into mainstream consciousness.

Coming Hard on the Federal Reserve Independence

Donald Trump, the president of the United States, has made it very clear that he is not a fan of Jerome Powell’s methods and he has taken careful time to pick out the Chair of the Federal Reserve at every chance chastising the board’s decision to increase interest rates.

Trump’s Banter with Powell has gone on for almost a year now, after making his first jibe at Powell in June 2018. Since then Trump has maintained his grievance with Powell via tweets and occasional interviews while still maintaining that ‘Powell is a good man‘ whose method is just overly aggressive. The US president famously tweeted late last year, comparing US Federal Reserve’s tactics with EU and China’s which was at the moment seeing out a trade war with the United States: 

“China, the European Union, and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day — taking away our big competitive edge. The United States should not be penalized because we are doing so well.”

Puppets and Inflation go Hand-in-Hand

Trump’s decision to recommend Stephen Moore for the board might be a huge win in the crypto industry in the long run. This is because the United States Federal Reserve has thrived on complete independence from governmental and outside influence to be the best across the globe. The US dollar is presently the ‘world’s currency’ with 62 percent of all central banks in the world having their official holdings in US dollars.  However, the Dollar has only gotten strong due to its independence and the natural decision of appointing the best only to Chair the Federal Reserve. It might be logical to put people you could easily control in several positions when you are in government, but the Federal Reserve is one area where you simply put the best.

Moore is Trump’s puppet, not the best of elections, and it would only be history repeating if the appointment results in inflation in the long term. If this happens, there would be hardly any winner from this situation than the cryptocurrency industry itself. With limited Bitcoins left to go around, BTC might just swoop in to save the day.

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