I stayed up late to watch the Senate hearing of the Fed Chairman. Two Senators used bitcoin prices as an example to raise the issue of asset inflation. However, Chairman Powell underestimated it and never admitted that monetary policy and stimulus plan is the main cause.
He just says that this is because the market is optimistic about the expected recovery and buying assets, and is unwilling to comment on the 1.9t stimulus plan of the Treasury Department and the White House. His meaning is quite clear. Asset inflation has nothing to do with him.
If he specifically scolded $BTC, he would have to admit the decisive impact of monetary policy on asset inflation, because $BTC obviously did not skyrocket due to recovery expectations, so he would not do it, and he had to have a big picture.
The price of $BTC has become the Emperor's new clothes for the inflation of assets. Emperor who wear it know it, and people who watch it know it, but no one wants to face and solve problem, because the Emperor cannot admit that he is wear nothing.
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