Federal Reserve Fighting Inflation Is Bad For Bitcoin Says Bitfury CEO
The Federal Reserve’s (Fed) war on inflation is suppressing the price of Bitcoin, says Bitfury CEO Brian Brooks. According to the Bitfury boss, traders do not perceive BTC as a great hedge against inflation during periods of extreme fiscal tightening. For that reason hodlers can expect the price of BTC to stay relatively low at least in the short term.
In a short but pointed interview with CNBC on Aug. 29, Brooks also criticized the SEC for its litigious handling of the crypto industry, saying that regulators need to “get serious” and offer proper guidance rather than going to the courts. U.S. inflation is currently at 8.5%, down very slightly from its recent 40-year high of 9.1% in July, but still well above the target rate of 2%. Until recently, widespread opinion in the cryptosphere was that deflationary assets such as Bitcoin would perform well in such a high inflationary environment.
Source
https://t.me/Bitcoin_Crypto_Signals
