Andy Yee, Senior Director of Public Policy at Visa, is urging investors to escape dollar inflation by opting out with Bitcoin.
Yee took to Twitter on August 27 to condemn the Federal Reserve’s policy of printing money to save the economy. His tweet was directed at the Federal Reserve Chairman, Jeremy Powell, for allowing such policies to flourish. Yee believes the money-printing tactic is a sure way to undervalue the U.S dollar.
Earlier today, Chairman Powell announced that the Federal Reserve would be making a major policy change regarding inflation control. The move, which is “average inflation targeting”. will allow current inflation to continue above the Fed’s standard of 2% for a while. Later, interest rates would be increased.
“Many find it counterintuitive that the Fed would want to push up inflation. However, inflation that is persistently too low can pose serious risks to the economy.” Powell announced.
Yee took a verbal jab at Powell while borrowing from Winston Churchill by saying “never in the history of mankind was so much stolen from so many by so few.”
Raoul Pal, CEO of Real Vision, believes DXY’s decline could be favourable for Bitcoin and Gold, given the Fed’s “zero tolerance for inflation”.
Image Credits: Pixabay