According to CoinMarketCap.com, all cryptocurrency assets (including Bitcoin and Ethereum) in total are worth about US $330 billion as of writing this. One Bitcoin is again trading above US $11,000.
One Ether, the second most popular cryptocurrency after Bitcoin, trades for $311. And many other cryptocurrencies, including Litecoin and Zcash, also command significant market values.
With this backdrop of cryptocurrency acceptance growing rapidly, and growing acceptance by major US merchants including Whole Foods, Barnes & Noble, and Starbucks, President Trump has renewed his attacks on the Federal Reserve, this time with two tweets published earlier today:
President Trump seems to be arguing that, in effect, the Fed is keeping the Dollar too rare, and interest rates too high - which is making the US economy less competitive against countries like China, which can and do “ease” as additional currency supply becomes needed.
If Trump is angry that the Dollar is too rare, and if he is successful in convincing the Fed to print more dollars, that may be good news for Bitcoin fans - no matter how much quantitative easing the Fed engages in to grow the economy, and no matter how many more dollars are pumped into the market, Bitcoin’s supply will remain at a capped eventual 21 million.
Exciting times for those of us sick of the financial system status quo. If only Trump would hold up that Bitcoin and smile for the camera like the altered image above!
If you miss great in-depth commentary on Bitcoin, Trump, and the populist awakening - wander no further! Get the weekly FULCRUM DC newsletter and get the information, analysis, and news you need.