As bitcoin continues to harden, the fiat currency continues to lose whatever is left of it and keeps getting 'easier', especially now with the US Fed doing the unthinkable. A press release on May 11 by the Fed Reserve Bank confirms that it is planning on buying debt exchange-traded fund (ETF) imminently. The ETFs are usually bought to create a facade of normalcy in the market and a move like this implies just how bad the corona crisis engulfing the US is. The press release also notes that more operational details and information would be given in the best future.
The criticism is flowing in from all corners of the country and many believe the US Fed should just admit that it has failed spectacularly. Asset manager of Double line, Jeffery Gundlach went even further and stated that the Fed is spitting right in the face of everything it stands for. He said they are not acting in compliance with one of their own act of 1913 and are going against their own principle.
The Federal Reserve is presently acting in blatant non-compliance with the Federal Reserve Act of 1913. An institution violating the rules of its own charter is de facto admitting that said institution has failed and is fundamentally broken.
The CEO of hedge fund Ikigai, Travis Kling highlighting the fact that bitcoin appears more in sync with its third halving in 11 years whereas the Fed for the first time is on the cusp of buying ETFs.
Tomorrow, for the first time in the history of the United States, the Federal Reserve will purchase ETFs.
Hard vs soft. Sound vs unsound.
The host of RT, Max Keiser also accused that this decision doesn't really make sense and Digital CEO of Morgan Creek shared similar sentiments and agreed that this is not something in US Fed legal rights.
The institution has received massive backlash and all its efforts of infinite dollar printing, tax cut and now buying ETFs, none of them has paid off so far. Whereas on the other hand bitcoin has recovered most of what it lost in March.
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