As Cointelegraph reports, on 29th July, in a letter to investors, Dan Morehead, the CEO of Pantera capital, stated that the USA has printed “a shocking amount of money” sine the start of the pandemic crisis.
He wrote, “The United States printed more money in June than in the first two centuries after its founding. Last month the U.S. budget deficit — $864 billion — was larger than the total debt incurred from 1776 through the end of 1979.”
Morehead sees Bitcoin as the solution to the current financial crisis and he compared and contrasted the effects of money printing in recent months, to how the equivalent amount of currency had performed across centuries: “With that first trillion [USD printed] we defeated British imperialists, bought Alaska and the Louisiana Purchase, defeated fascism, ended the Great Depression, built the Interstate Highway System, and went to the Moon.”
He went on to say that the inflation that followed as the main reason to “get out of paper money and into Bitcoin.” According to the CEO, “there is no need for inflation-adjusted numbers [with Bitcoin] because there is no inflation/hyper-inflation.”
Morehead is not the only one concerned by the excessive printing of money. Peter Schiff noted comments by the Chair of the Federal Reserve, Jerome Powell, who said this week that the Fed was using its “full range of tools” to respond to the pandemic: printing money, keeping interest rates close to zero, and making asset purchases steady at $120 billion per month.
Schiff tweeted “The U.S. is about to experience one of the greatest inflationary periods in world history.” He then added, “Any credibility the Fed has left will be lost. Federal Reserve Notes soon won’t be worth a Continental.” (Continental paper money in the U.S. was at one time exchanged for treasury bonds at 1% of its face value.)