Pantera Capital CEO Dan Morehead said that the US printed more money than ever to fight against the novel coronavirus pandemic. The US is among the worst effected countries in the world.
“The United States printed more money in June than in the first two centuries after its founding,” Morehead wrote. “Last month the U.S. budget deficit — $864 billion — was larger than the total debt incurred from 1776 through the end of 1979.”
Morehead made it clear that Pantera Capital sees Bitcoin as the solution for the current crisis.
“With that first trillion [USD printed] we defeated British imperialists, bought Alaska and the Louisiana Purchase, defeated fascism, ended the Great Depression, built the Interstate Highway System, and went to the Moon.”
According to the CEO, “there is no need for inflation-adjusted numbers [with Bitcoin] because there is no inflation/hyper-inflation.”
Goldbug Peter Schiff is also concerned about the effects of money printing. He noted comments by the Chair of the Federal Reserve, Jerome Powell, who said this week that the Fed was using its “full range of tools” to respond to the pandemic: printing money, keeping interest rates close to zero, and making asset purchases steady at $120 billion per month.
“The U.S. is about to experience one of the greatest inflationary periods in world history,” Schiff said on Twitter. “Any credibility the Fed has left will be lost. Federal Reserve Notes soon won’t be worth a Continental.” (Continental paper money in the U.S. was at one time exchanged for treasury bonds at 1% of its face value.)
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