According to the billionaire investor Mike, the new Federal Reserve Chairman Jerome Powell will slow the cryptocurrency down in the United States of America. It is all because he has been the chairman for the second term in office and has started to bring his plans into implementation. Recently, according to his recommendation, the United States of America is about to bring a new infrastructure bill.
According to the bitcoin aussie system , the brokers have to record all their transactions and give them to the Federal reserve administration authority. Also, it will slow down the process of cryptocurrency trading and transactions in the United States. Therefore, it will further degrade the environment of cryptocurrency trading in America, which is not a good sign for the investors living in the United States of America. Also, the chairman is working as a banker rather than being appointed as a chairman for the Federal Reserve.
Mike is the CEO of Galaxy Digital, and he has been in this field for a very long period now. According to his statement, he is very much concerned about the investors living in the United States of America because he is one among them. The re-nomination of Jerome Powell to the post of United States Federal Reserve chairman has brought up several concerns towards the cryptocurrency investors. The CEO of Galaxy Digital also says this post can be a downfall of the cryptocurrency world and its trading in the boundaries of the United States. Powell was appointed as the chairman of the Federal Reserve by the United States president last week. He has been overseeing the country’s monetary stimulus and helping the economy cope with the effects of the COVID-19 pandemic.
Also, currently, the United States of America is dealing with a massive inflation problem. Due to the increase in the prices of everything, people face a lot of crises. Due to the recent COVID-19 pandemic, people already had many problems like money shortage and supply. However, the conditions are even worse due to the increasing inflation. However, the new chairman of the Federal reserve is looking forward to solving the problem. The increase in the prices of everything in the United States has been associated with cryptocurrencies and increased usage. Therefore, it initiates people to decrease the use of cryptocurrencies like bitcoin to increase the usage of the United States dollar. Also, it is looking forward to launching its cryptocurrency named the United States digital coin, which is about to be the next big move in the economy of the United States.
According to Mike, there will be some severe consequences of appointing Powell again to the chairman of the Federal Reserve. He says that it will give him the power to act more like a banker rather than the chairman of the Federal Reserve of the United States of America. He also mentioned increasing inflation in the country, which severely affects the general population. Therefore, it is the right time for the United States of America and the FED to move a little faster. He also mentioned that to increase the implementation of monetary policies by the United States of America; they might slow down the assets.
Apart from him, the director of FBB capital partners also said that the second term of Powell as the chairman of the Federal Reserve of the United States of America is going to have some adverse effects on the fuse cryptocurrency investors. For the people who are diehard crypto bulls, Powell will make something biased, and it may slow down the cryptocurrency activities in the boundaries of the United States of America. However, the President of Bona fired health said that the market is still uncertain. We never know about the effect of some action on the cryptocurrency market. Therefore, if the FED is not going to support the cryptocurrency market, we are yet to see how it will react.
Mike also mentioned that he had been one of the most prominent investors in cryptocurrencies from the whole world. They said that they would put some faith in the cryptocurrencies and invest further in the biggest cryptocurrencies across the globe. He also has the same opinion about investing money in cryptocurrencies, but Powell’s reappointment as the United States Federal reserve president concerns him.
Danica is working as a professional news editor at Crunchoid Inc. She is accustomed to finding daily reports.