Tyler Winklevoss, CEO of the cryptocurrency exchange Gemini, believes that the U.S. Federal Reserve is inadvertently signaling investors to buy Bitcoin.
This is code for buy #Bitcoin https://t.co/9k2QVP0OG
— Tyler Winklevoss (@tyler) November 6, 2020
Winklevoss commented on Powell’s remarks. He said the pace of the U.S. economic recovery had slowed.
The Fed chair believes the solution will be further fiscal support from Washington. Earlier, authorities used various unconventional fiscal and monetary stimulus measures, including ‘helicopter money’.
‘The pace of the recovery will accelerate and be more sustainable if authorities provide greater financial support,’ said Powell.
‘The current economic downturn is the most severe in our lifetime. It will take a while to get back to the levels of economic activity and employment that prevailed at the beginning of this year,’ Fed Chair Jerome Powell said https://t.co/rBjzGUT5Oh pic.twitter.com/H9bkmIKwaj
— Reuters (@Reuters) November 6, 2020
On Friday, November 6, the Fed’s balance sheet stood at $7.14 trillion. The national debt surpassed $27.2 trillion.
Source: Federal Reserve System.
Powell’s remarks coincided with Bitcoin’s rally. Bitcoin neared the level of $16,000, after which a correction followed.
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