Bitcoin Bulls Bite Back at Biden: Nobody Can Print More BTC

  1. Bitcoin supporters clap back at the US government after it criticized BTC mining.
  2. Prominent BTC bulls attacked the government, criticizing its dollar-printing craze.
  3. The Federal Reserve is targeting an interest rate range between 4.5% to 4.75.

Bitcoin (BTC) supporters hit back at the US government after the latter published a document criticizing BTC and its Proof-of-Work (PoW) protocol. The report highlighted the so-called e-waste produced by BTC mining operations, which is comparable to 114,000 Visa transactions. 

At the same time, the report by the Biden administration’s economic arm promoted the central bank digital currency (CBDC) agenda. To this, many have replied, including long-time bull Michael Saylor.

The post arguably points to the incessant printing of more US dollars to resolve issues faced by the US government, particularly the Federal Reserve. According to a tweet quoting JP Morgan, the dollar conundrum is at a “point of no return.”

To express better the gravity of the situation, many banks in the US (at least) are facing increasing woes as many are frantically on the herculean task of supplying liquidity amid bank runs and crunches. 

The Economist also published a report with the title, “America’s banks are missing hundreds of billions of dollars,” pointing to the Fed as the culprit for this predicament.

At the time of writing, BTC is changing hands at $24,478.52, a 24-hour increase of almost 1%, after a couple of days of indecision. Today is critical for the global economy, as the Fed is about to announce its interest rate decision. While there are no official announcements yet, many are saying that the Fed’s target falls between 4.5% to 4.75%.

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Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.