Visa exec criticizes the US Fed’s policy change, suggests Bitcoin as an investment
- The US Federal Reserve had earlier announced a policy shift to “average inflation targeting.”
- The policy allows dollar inflation to run higher than the standard 2% target before hiking interest rates.
- Visa exec Andy Yee has asked investors to “opt-out” of Fed’s tactics with Bitcoin.
Andy Yee, the Senior Director of Public Policy at Visa, has suggested investors to “opt-out” of the Federal Reserve’s money-printing tactics with Bitcoin and pointed to a new bullish indicator. Yee took to Twitter to criticize Jerome Powell, the Chair of the US Federal Reserve, for enforcing policies that devalue the dollar.
In an earlier speech, Powell had announced a vital policy shift to “average inflation targeting” and allow dollar inflation to run higher than the standard 2% target before hiking interest rates. Yee called Powell’s speech one “for the history books.”
The US dollar currency index (DXY) is a metric that measures the dollar’s value in relation to a bunch of foreign currencies. While the DXY has been gradually declining since March, the index fell to 92.28 after the Federal Reserve’s policy change.
Many analysts have said that the DXY is a bullish indicator for Bitcoin and other “safe haven” assets that benefit from investor insecurity over fiat. Real Vision founder and CEO Raoul Pal took to Twitter to say that Powell’s “zero tolerance for deflation” would do good for BTC and gold.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
