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Bitcoin Spike Down to Public Distrust of “Irresponsible” Federal Reserve

Bitcoin Spike Down to Public Distrust of “Irresponsible” Federal Reserve


Bitcoin Spike Down to Public Distrust of “Irresponsible” Federal Reserve

An asset manager during an interview with financial media outlet MarketWatch said that Bitcoin’s sudden spike earlier this week was a result of growing public discontent and mistrust of the US Federal Reserve Bank. According to him, people now see Bitcoin as a hedge against the “irresponsible monetary and fiscal policy” of the US central bank.

Ikigai Asset Management founder and chief investment officer Travis Kling blamed the constant manipulation of interest rates by the Federal Reserve Bank and its political agendas for this public lost of faith:

“We had the Fed do a complete U-turn into dovish mode. Then everyone else [European Central Bank and Bank of Japan] followed… We now have this set-up where they [central banks] have become politicized both in the US and globally. It’s the new world we are living in.”

Kling believes that this mistrust will only become deeper and more people will embrace Bitcoin, so this current stage will lead to renewed interest in the cryptocurrency.

The Federal Reserve has raised interest rates seven times during the current government’s two-year regime. Last year alone, interest rate was upped four times. Critics have called this manipulation, pointing out that during previous eight years of administration under Barack Obama, the Federal Reserve had only hiked rates once.

There are growing calls to abolish the central bank, with Bitcoin skeptic-turned-advocate and ex Congressman Ron Paul — the father of current Senator Rand Paul — persisting with recommendations to allow a free market to determine interest rates in favor of artifical manipulationhas repeatedly said the Fed should let the free market dictate interest rates instead of artificially manipulating them.

 

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