Trump Could Become The Crypto Catalyst And Raise Bitcoin Prices With Choice Of Herman Cain
Bitcoin Prices Could Change With Trump’s Choice Of Herman Cain
Herman Cain is Trump’s nominee for one of the open seats on the Federal Board. For Bitcoin advocates, the choice could spell trouble. The politician is known for his desire to return to a gold standard. The return would short Bitcoin’s price since it will be considered virtual gold.
Cain’s Past Should Not Be The Focus For His Future In Bitcoin Politics
People are far too concerned with Herman Cain’s previous business ventures in the food industry. The pastime pizza shop owner offers cryptocurrencies far more trouble. Primarily, his ideal on the United States return to gold standard, he wishes to implement if given a seat on the Federal Board. Another issue to consider is Cain’s constant accusations against him of sexual harassment. If true, they show his character or lack of it.
Cain’s wish for a dollar as good as gold would devalue the price of Bitcoin and other cryptocurrencies. His wish for the return to the previous standard is to ‘weed out’ anyone who, as far he is concerned, taking from the U.S. government without giving back.
Trump Has Too Much Power
As for Trump, he has shown continued ability to influence the United States Central Bank. He has also continually fought United States Fed, repeatedly vocalizing his distaste for Jerome Powell’s spikes in interest rates. Trump is putting all the fall for the United States Economy on the Federal Reserve. His reason for believing the Reserve is responsible for economic collapse is the lack of experience in the actual market place.
Trump’s desire for a stronger dollar could potentially increase the price of Bitcoin in relation to the currency. This would only happen with the Fed’s monetary easing, something which would prove to be a quality improvement for BTC over lengthier amounts of time.
“The trend in Bitcoin’s price flipped from bear to bull once the Fed said it would ease-off tightening and engage in permanent money printing (‘permanent QE’),” Max Keiser stated Bitcoinist last month. “This, by the way, is the definition of debt-monetization, which means the door has been opened to a hyperinflationary currency collapse of the USD.”
Gold Is The Way Of Herman Cain
Unfortunately, if Trump’s choice Herman Cain takes a seat, it will undermine the contest between Powell and our president. Cain’s dislike of digital gold and support of gold bars will alter the price of BTC. The cryptocurrency strongly relies on anti-inflation, something that has caused the Dollar to crash in value since earlier this decade. As it is in 2019, the Dollar has lost as much as 95% of its value since 2013. An unfortunate collapse that most people are unaware of.
Another important note is Trump’s influence on the Central Bank, meaning his ideas are strongly considered by the institution. Still, the Senate must approve all his considerations, which has made it difficult for any of his suggestions to take a foothold so far. The president’s influence on economic policies through the Fed is already known. So far, he has appointed four of the seven members on the Federal Board to date. With people of power like Trump and Cain in the Whitehouse, it is looking less likely that BTC will be able to accomplish its goal of separating money and state.
How would a Bitcoin advocate in the Whitehouse work out for cryptocurrency? Tell us what you think below.