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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Crypto Will Thrive in 2020 as Governments Struggle to Stimulate Growth, Says CEO

Rick Delafont
Rick Delafont
5 years ago
2 mins read
bitcoin printing money crypto

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Global efforts to stimulate markets look likely to benefit crypto assets over the next year. Increasingly radical policies, aimed at growth, effectively devalue national currencies to the detriment of savers, making scarce assets, like Bitcoin, more appealing.

Coinbase CEO Brian Armstrong believes that slowing global markets will force more extreme moves from central banks in the coming months. He adds that capital may well move into crypto markets in response to such attacks on wealth.

Central Bank Policy Continues to Promote Crypto, Even if it Doesn’t Mean to

NewsBTC has reported on numerous previous occasions about fiscal policy serving as an inadvertent endorsement of Bitcoin and other crypto assets. According to the loudest proponents of digital currencies, interest rate cuts, quantitative easing, and market repurchase agreements (repos) all serve to make the emerging asset class more alluring.

In a post to Twitter earlier today, Coinbase CEO Brian Armstrong stated that he believes that crypto markets will continue to benefit from such aggressive fiscal policies as markets continue to slow this year:

https://twitter.com/brian_armstrong/status/1234921614615040001

Armstrong draws attention to today’s Federal Reserve interest rate cuts as an example of such policies. The US central bank jolted markets today with emergency measures intended to stimulate against a potential coronavirus-associated economic downtown.

In a subsequent tweet to the above thread, Armstrong also highlights a massive recent Chinese liquidity injection of around $173 billion. For the CEO, the confluence factors could create a shift in the mindset of many, including the planet’s wealthiest investors:

“This could be the year where the mindset of institutional investors begins to shift, from crypto as a venture bet, to crypto as a reserve currency.”

Didn’t You Mean the “B” Word, Brian?

Despite what the arguably bullish sentiment from Armstrong, several followers picked him up on his use of the word “crypto”.  The issue seems to step specifically from the above quotation.

Armstrong says “crypto” – a generic term used for a wildly disparate group of often questionable digital coins and tokens – may become “a reserve currency”. Clearly all 3,000, or however many digital currencies there are today, are not up to task to serve as the planet’s reserve currency.

Many of Armstrong’s followers highlighted that perhaps the word “Bitcoin” would have been more appropriate when talking about reserve currencies. Some even speculated that it may be the nature of Armstrong’s business that prompted the use of “crypto” over “Bitcoin”.

Yeah, let's buy shitcoins on @coinbase

NOT.#stacksats #deletecoinbase

— Bitcoin Club Malta (@bitcoinclubmt) March 3, 2020

 

Related Reading: Gold’s Vertical Rally Shows Investors Don’t Really Trust Today’s Stock Market Upsurge

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Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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