Binance CEO: “Crypto Will Increase More Than 1000x Simply Due To The Fiat Printing Alone”
“The United States Can Pay Any Debt It Has Because We Can Always Print Money To Do That.”
These are the exact words of former Federal Reserve Chairman Alan Greenspan from August 2011, a video that resurfaced online recently.
This statement has been in response to the question, “Are U.S. treasury bonds still safe to invest in?” to which Greenspan replied with “very much,” as the US can create money out of thin air, so “there is zero probability of default.”
Just a few days back, ECB has echoed similar sentiments when its Chief Economist Peter Praet said, “we can create money.” This is very much true which we all know that central banks do.
This certainly got the crypto community going and as Binance CEO Changpeng Zhao has said this could very well fuel the Bitcoin and cryptos surge in price against fiat.
“Crypto will increase more than 1000x (against fiat) simply due to the printing alone,” Tweeted Zhao.
“US dollar is the ultimate shitcoin,” is the response and the sentiments of the crypto community.
This could be the reason why the government doesn’t seem to care much about the public debt that has gone over $22 trillion, the highest it has ever been. This record has been the result of continuously rising federal spending while as per the Treasury Department tax revenue has fallen.
Congressional Budget Office had reported earlier this year,
“Other than the period immediately after World War II, the only other time the average deficit has been so large over so many years was after the 2007–2009 recession.”
Well, if the US needs an escape from this ballooning size of the national debt, they can just hit the Print button and takes care of the things, so need of concern, right!
As Henry Ford had said,
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”