USA prints money endlessly
Dan Morehead, CEO of Pantera Capital, has claimed that the United States printed an immense amount of money in a month. He said this in a letter to his investors on July 29. He also pointed out that the US Federal Reserve printed this huge sum of money to deal with the financial crisis caused by the COVID-19 pandemic. Morehead claims that the amount of money printed in June is higher than that printed in the first two decades. Morehead made it clear that Pantera Capital sees Bitcoin as the solution to the current crisis. He also compared the effects of money printing in the past few months to the effects that the amount of money has developed over the centuries:
“With this first trillion in printed USD, we defeated the British imperialists, bought Alaska and the purchase of Louisiana, defeated fascism, ended the Great Depression, built the Interstate Highway System and went to the moon.”
The effects of money printing
Together with Morehead, Peter Schiff also highlighted the effects of such a large amount of money printing. He also mentioned the statement by Jerome Powell, chairman of the Federal Reserve.
Schiff has also expressed concern about the current financial crisis that the United States will face. Shiff says: “The United States is facing one of the largest inflation periods in world history.”