• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bank of England Used as Bitcoin Advertising Board Stoking Inflationary Fears

Samuel Wan by Samuel Wan
1 year ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

In a bid to wake people to the dangers of Modern Monetary Theory (MMT), a message that read “printing money is stealing from the poor,” accompanied by a Bitcoin symbol, was projected on the Bank of England (BoE) building.

The incident has highlighted the disconnect between economic policy and cryptocurrency in general. With alarm bells sounding over the global economy’s health, can we expect a mass awakening to the financial fraud being perpetrated against the people?

Bitcoin used to sign off warning on dangers of money printing

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Source: Reddit.com

Central Banks and Bitcoin Don’t Get on

The core idea behind MMT states that governments can and should print as much money as needed. This is because they have a monopoly over the fiat money supply and cannot go broke or insolvent.

“Put simply, such governments do not rely on taxes or borrowing for spending since they can print as much as they need and are the monopoly issuers of the currency.”

Critics of MMT argue that this philosophy goes against the conventional understanding of the government’s role in society, the nature of money, the purpose of taxation, and fiscal responsibility. There’s also the matter of inflationary pressure that builds from the excessive money supply.

With its 21 million capped supply, Bitcoin is held up by cryptocurrency advocates as the antithesis to this model. But how it would fare replacing global money, at least on layer 1, is a different matter entirely.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Nonetheless, regardless of the feasibility of that scenario, true to its creator’s intent, Bitcoin has come to symbolize the opposite of reckless monetary policy in the digital age.

For that reason, central banks tend to carry negative views towards cryptocurrency. Earlier this year, at a panel discussion at the World Economic Forum, BoE Governor Andrew Bailey warned that cryptocurrency, in particular Bitcoin, would not last due to a “lack of design and governance.”

Inflationary Fears Begin to Creep

The weekend saw Warren Buffett address Berkshire Hathaway shareholders warning that the company is facing inflationary pressures.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

His firm reported strong profits of $11.7 billion. But Buffett drew attention to rising prices due to economic stimulus and a “healing labor market.” He added that people are flush with money and are willing to pay higher prices.

“We’re seeing very substantial inflation. It’s very interesting. We’re raising prices. People are raising prices to us and it’s being accepted.”

To settle concerns, the U.S. central bank released a statement in which they labeled inflationary pressures as “transitory.”

However, Chief Economic Advisor at Allianz, Mohamed El-Erian, takes a different view. El-Erian said he believes inflation will be persistent. Adding that the Fed has backed itself into a corner by describing inflation as “transitory.”

Given the mysterious Bitcoin projections on the BoE building and earlier this month on the Houses of Parliament, it’s clear that confidence in central banks is on the wane.

Bitcoin daily chart

Source: BTCUSD on TradingView.com
Tags: bitcoinbtcusdBTCUSDT
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Related Posts

Bitcoin Bear

Bitcoin aSOPR Fails Retest Of Historical Bull-Bear Junction

19 hours ago
Is Bitcoin Price Hiking Due To An External Reason, What Does The Data Suggest

Is The Bitcoin Surge Due To An External Reason? What The Data Suggests

1 day ago
Glassnode Report Shows Bitcoin And Ethereum Derivatives Gain Massive Traction

Glassnode Report Shows Bitcoin And Ethereum Derivatives Gain Massive Traction

1 day ago
bitcoin bear

Bearish Signal: Why Bitcoin Miner Sell-Offs May Continue

2 days ago
bitcoin

Bitcoin Surge Towards $24k As CPI Report Show Inflation Cooling

2 days ago
Mike Novogratz Bitcoin

Billionaire Mike Novogratz Says Bitcoin At $30,000 Is Unlikely

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

WEB5 Inu ($WEB5) launches the next-generation Decentralized Finance (DeFi) cryptocurrency

August 12, 2022

GNOX (GNOX) Presale Sell-out Causing Dogecoin (DOGE) And Fantom (FTM) Holders To Flock In For Launch

August 12, 2022

Biggest Profits Likely From Uniglo (GLO), Near Protocol (NEAR) And Fantom (FTM)

August 12, 2022

Nexus Dubai (NXD) Project Obtains First Cryptocurrency Exchange License in Dubai

August 12, 2022

AscendEX Lists Lovely Inu (LOVELY), a DeFi Meme Platform

August 12, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.