The Federal Reserve's push to tighten interest rates will create a 'death spiral' and a credit collapse, a panel at BitcoinAmsterdam has warned. 🧐
The Federal Reserve's push to tighten interest rates will create a "death spiral" and a credit collapse, a panel at Bitcoin Amsterdam has warned.
But according to Booth, this results in a "2% theft in your money" in exchange for a productive economy. Booth went on to argue that Bitcoin can serve as both an inflation and a deflation hedge — and that the world's biggest cryptocurrency is repricing the entire fiat system over time. Central banks worldwide have aggressively increased their monetary supplies over recent years — especially during the coronavirus pandemic — eroding the value of the currency that's already in circulation.
But by contrast, he said that the global economy is only worth $100 trillion per year, meaning it's unable to keep up with ever-increasing levels of debt.
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