Brrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr

$2.3 trillion in increasingly exotic new forms of stimulus

Happy Brrrrrrsday Blockfolians

The Lede

$2,300,000,000,000. That’s not today’s “really big number” - it’s just a casual Thursday stimulus from the Fed. Shockingly coinciding with the jobless claim report that 6.6m more Americans were out of work and seeking benefits, the Fed announced a wide array of new actions.

Importantly, this action crossed a number of Rubicon’s - including the purchasing of junk bonds - that were unthinkable even weeks ago.

If you need more evidence of how surprising this is - even for those outside crypto - just go look at the tweets of some of the stars of FinTwit. You’ll think you’ve stumbled into an alt-world bitcoiner gathering.

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Highly Relevant Reading

  • Blockchain analytics firms feel the pinch of Coronavirus with layoffs and reduced salaries

  • BlockFi bucks the trend and sees revenue double since February

  • A key scientific association has written an open letter arguing that internet voting won’t work, and blockchain won’t fix it

  • Fidelity Digital Assets has partnered with ErisX to improve crypto trading liquidity


Community Commentary

Unsurprisingly, the crypto community doesn’t particularly think the money printing root is the way out of this
But then again, this is a story we’ve seen before.

A Really Big Number We Should Be Paying Attention To

$148.6M

Another rough mining number - that was the total loss Canaan reported in 2019 - although one company an industry does not make.


Final Thought

Is the founder of Barstool about to become a bitcoiner?