China Prints Entire Bitcoin Market Cap In Single Day…

…to “calm coronavirus fears”… Groan…The world is in need of PlanB in the worst way, these countries are printing their Monopoly-money left and right with no other option in sight save for Bitcoin to set things right…

China Prints Entire Bitcoin Market Cap in Single Day to Calm Coronavirus Fears

“After an extended Spring Festival break, the People‚Äôs Bank of China (PBoC) hopes that the abundant liquidity provided will calm uneasiness over the coronavirus. The PBoC will also be stepping up credit lines to support businesses, hospitals, and other research firms that are at the forefront of the fight against the virus. The entire effort is an attempt to bring back confidence in a fractured market rattled by the disease. The 1.2 trillion yuan injection was done through reserve bond repurchase agreements. [Reuters]

Will it be enough to calm markets? Analysts are unsure, but skeptics will likely find the latest move to be yet another example of fiat currency gone awry. The fact that a central bank can print the entire market capitalization of Bitcoin (BTC) speaks to the runaway banking system issues currency at will. It also makes clear the stark differences between Bitcoin and fiat. One is fixed, deflationary, and a sound currency with mathematical limits; the other is inflationary and under the arbitrary control of central banks.”

Master Asked on February 3, 2020 in Cryptocurrency.
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