FED says they have infinite amount of money, and bitcoin goes up 10x
Not that there was really any correlation, at least not directly anyways, but looking back it is interesting to see that bitcoin went up roughly 10x after the FED made comments about having infinite supply of money.
The chart looks silly actually:
(Source: ~~~ embed:1350067848522162176/photo/1) twitter metadata:RG9jdW1lbnRCaXRjb2lufHxodHRwczovL3R3aXR0ZXIuY29tL0RvY3VtZW50Qml0Y29pbi9zdGF0dXMvMTM1MDA2Nzg0ODUyMjE2MjE3Ni9waG90by8xKXw= ~~~
While this claim wasn't the driver of the move, it certainly is a nice reminder why bitcoin matters and is needed in the first place.
Money must be backed by something.
It used to be gold, soon it's going to be bitcoin.
Countries will hold bitcoin as reserves and the amount of money they print can be backed by the bitcoin they hold.
Want to print more money and have it not lose value, hold more bitcoin.
The countries that don't have their money backed by bitcoin will see the value erode away to nothing.
Think places like Venezuela and Argentina.
The use case for bitcoin, the way I see it, is as a settlement layer to give countries an equal footing in world markets.
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The title said it all
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I doubt that. The way I see it, private entities will own most of the bitcoin in existence.
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