A recent analysis by Bank of America found mentions of the purchasing power plunger spiked on earnings calls this quarter. Citations are up more than triple year-over-year per company, the biggest rise since 2004. In other words, Wall Street finally seems to be heeding the shrill warnings of Bitcoiners.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
The U.S. government's attempts to fix the current economic situation could ultimately lead to greater Bitcoin (BTC) adoption, according to Bill Barhydt, CEO of crypto wallet and exchange solution, Abra.
"I think that this is a pivotal moment for Bitcoin as a new asset class," Barhydt told Morgan Creek Digital co-founder Anthony Pompliano during an Aug. 13 podcast interview. Barhydt noted the U.S. government's goals for intentional inflation as rationale for his thesis.
As part of the rationale for his claims, Barhdyt mentioned rumors of the U.S. government's upcoming goal of 4% inflation — unheard of territory when it comes to intentional inflation, according to the CEO. "They feel they have no choice except to basically reflate the economy in order to create growth," he added.
Amid the COVID-19 pandemic, the U.S. government has held seemingly constant talks concerning various corrective measures aimed at reviving the sinking economic ship. One of its latest endeavors includes goals of purposeful heightened inflation, according to an Aug. 4 article from CNBC.
"Their stated aim has never been, and never will be, to protect the value of your money or your wealth," Barhydt said of the U.S. government. "By definition, they are willing to erode the value of your money in order to create movement in the system, which is what creates growth." TO READ MORE, CLICK HERE...
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