The world’s governments and central banks have issued nearly $8 trillion in banknotes globally as an extraordinary measure to curb the damage to the world economy frozen due to the effects of the coronavirus pandemic.
US Federal Reserve Chairman Powell pledged in a prime time TV interview on Friday that the FRB would take unlimited policies to curb the recession. He said he was flooding the market with money and, if necessary, issuing digital money. Cryptocurrency officials welcome FRB Chair Powell’s comments as proof that Bitcoin’s value is a deflationary and fully decentralized currency. At the same time, investors who don’t support bitcoin warn that FRB is willing to issue money until the currency is out of value.