CRYPTO NEWS

The ongoing Coronavirus pandemic has had far-reaching implications that have impacted everyone in some way or another. It has sparked massive money printing, leading investors to grow increasingly keen on finding assets – like gold and Bitcoin – that may benefit from imminent inflation. It has also led to immense distrust towards governments from angry populations, and experts believe that it will ultimately lead governments across the globe to play a larger role in the economy going forward. To many investors, this heavy involvement is a bad thing and could bolster the case for why fully decentralized assets like Bitcoin are a necessity. Government Power Anticipated to Balloon Amidst Massive Money Printing In order to curb the economic impacts of the COVID-19 pandemic, central banks across the globe have turned to money printing in order to fund massive economic injections into the economy. According to a recent report from Bloomberg, more than $8 trillion globally has been deployed in order to support the economy, with $3 trillion of this coming from the United States. The money printing required to fund this stimulus has bolstered the case for Bitcoin, as the asset’s fixed scarcity makes it the antithesis of loosely valued fiat currencies. There’s a strong possibility as well that this case will only grow stronger in the years ahead, as experts believe that these recent events will forever change how governments interact with the economy. Nathalie Tocci, the director of the Institute of International Affairs in Rome, spoke about this possibility with Bloomberg, saying: “We’re going to see a larger government role in the economy because that’s the only way of re-injecting something into it… There will be a greater government role in the economic recovery…” This strategy of immense money printing has so far been extremely effective, as the stock market has held up quite well despite the global economy being virtually frozen. This effectiveness could set a bad standard for the future, making central banks more prone to print fresh money whenever the economy shows signs of weakness – making it imperative that investors hedge against inflation with safe haven assets like gold and Bitcoin. “Rich Dad Poor Dad” Author Thinks Bitcoin Will Be One Big Winner of a “Dying” Economy  Per a recent report from NewsBTC, Rich Dad Poor Dad author Robert Kiyosaki recently noted that he believes gold, silver, and Bitcoin will be the three big winners of a “dying” economy. He notes that the benchmark cryptocurrency is likely to be trading at $75,000 in the next three years, with this immense price rise being driven by an “incompetent” Federal Reserve. Kiyosaki also believes that gold will be trading $3,000 per ounce in the next year – marking a massive climb from its current price of roughly $1,750 per ounce. Featured image from Unplash.

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