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Bitcoin crashes up to $8,800 as the Fed party looks to never stop

Happy Wednesday, Blockfolians

The Lede

Bitcoin is absolutely SMASHING today. With a current price of over $8,800 bitcoin is up over 14% on the day.

The Fed Loves Main Street as Much as Wall Street This Time - Bloomberg

While it’s dangerous to ascribe price movements to any one exogenous event, the fact is that the Fed reinforced today (as encapsulated by chair Jerome Powell’s quote in the subject line) that it will do whatever it takes to keep the markets propped up.

With the halving less than two weeks away, the contrast with “money printer go brrr” couldn’t be more clear.

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Highly Relevant Reading

bitcoin-addresses-with-balance-%e2%89%a5-0-1

Community Commentary

It is an undeniable truth that, when number go up, more people come to play
Jake just says what we’re all feeling.

A Really Big Number We Should Be Paying Attention To

$300,000,000

That’s the reported revenue for Bitmain in the first four months of 2020. Wow!


Final Thought

Could we see a surge of local currencies?