Cryptocurrencies like bitcoin in the economy
Bitcoin‘s value has increased against the fiat currency value and could see massive amounts of increase in the coming years as many within the industry have speculated.
The cryptocurrency has been doing just that for a few years now, as this is a complete redesign of how the global financial system will fully work in the coming years.
According to reports, the Federal Reserve Chairman Jerome Powell has made an announcement about a decision to maintain interest rates within the range of 2.25% to 2.5% for the interest rate.
Bitcoin on a build up
Many believe this kind of policy might easily lead to inflation and geopolitical risks. This has now put pressure on the Federal Reserve and they are now considering to cut the interest rates.
Some economic analysts also think this will further put pressure on the US dollar. Paul La Monica a digital correspondent at CNN also stated:
“That has been Viewed as a positive for bitcoin as well as gold, which are looked at as alternative currencies that should rally when central banks take actions that reduce the value of government backed currencies.”
Peter Brandt, who is Analyst has also put a number on this, stating that bitcoin is taking aim at the USD and Federal Reserves with increases in price and utility within the coming months ahead.
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