US Fed to Print $425B for New Year’s — 3 Times Bitcoin’s Market Cap
William Suberg's original article for cointelegraph.com reduced by 80%
In a statement released Dec. 11, the Federal Reserve confirmed it would ramp up so-called repurchase, or "Repo," operations on key dates over the new year period. Fed to "Print" 3x Bitcoin market cap in weeks.
The time of year required extra assurances for banks, the Fed claims, with repo operations designed to support their day-to-day operations. "The Open Market Trading Desk at the Federal Reserve Bank of New York has released the schedule of repurchase agreement operations for the monthly period from December 13, 2019 through January 14, 2020," the statement reads. "In accordance with the most recent FOMC directive, the Desk will conduct repo operations to ensure that the supply of reserves remains ample and to mitigate the risk of money market pressures around year end that could adversely affect policy implementation." While common, such moves involve conjuring vast new liquidity based on zero backing - essentially money printing without physically printing any money.
Commenting on the most recent Fed announcement, Bitcoin advocate known as Rhythm on Twitter noted that $425 billion is over three times the size of Bitcoin's market cap.
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CN [too long; didn’t read]
Summarised crypto news.