Federal Reserve Chairman Jerome Powell is likely the most influential man in crypto. Too bad he hates the stuff. As leader of the U.S. central bank, Powell perpetrated the largest monetary experiment in history in response to the coronavirus crisis – including expanding the supply of U.S. dollars, nearly doubling the Fed’s balance sheet and allowing the economy to “run hot” amid inflation fears. There’s an argument to be had over whether the “easy money” policy caused the run-up in asset valuations that crypto was part of this year. But one thing is for sure: More people than ever bought into the idea of bitcoin as an inflation hedge during this period of unprecedented monetary finagling.
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