!BEER, Well written. QE does not touch the economy, so why should it affect prices? It is domestic interbank money. There are much more non-US Dollars issued every month than there are US-Dollar anyways. Repo, Credit-Default-Swaps, Currency Swaps, and even the small Stable Coin Universe are liquid dollar-denominated assets aka "Dollar". Dollar up. Bitcoin down. Jack Dorsey's "Hyperinflation" warning actually called the Bitcoin top. Sales Pitch. Bitcoin still works in a real Inflation scenario, but QE is not inflation. The question is: what is inflation in a world of extra-legal, decentral, Adhoc Dollar issuance?
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