35% of All U.S. Dollars in Existence Have Been Printed in the Last 10 Months
According to a graph from the Federal Reserve Bank of St. Louis, just over 35% of all the American dollars ever printed by the U.S. government has been printed over the last 10 months. The area highlighted in yellow on the graph shows a parabolic move in the printing of money that has occurred this year that every technical trader in the world of cryptocurrency can only dream about.
It’s one thing to see this kind of a move when you’re talking about a nascent technology like cryptocurrency, but seeing it with the world’s default reserve currency is alarming. At least one U.S. Senator agrees that Bitcoin needs to be part of the solution.
Is Bitcoin About to Save the American Economy?
U.S. Senator-Elect Cynthia Lummis is saying she plans on teaching Congress about how to reduce America’s national debt using bitcoin when she officially assumes her role in 2021. Lummis recently made the comments on a podcast called What Bitcoin Did She went on to say that Bitcoin is a better store of value than paper money because of Bitcoin’s finite supply.
Lummis calls herself ‘a HODLer’, and if you consider what’s happening right now with more stimulus money likely to be handed out to Americans in the new year, it’s likely that she is doing so for a very good reason.
How the Pandemic Is Accelerating Bitcoin Adoption Faster Than Everyone Anticipated
It seems we’re getting to a point here at Netcoins where we’re discussing a new wave of institutional investment coming into the Bitcoin market almost every week. This week the institutional investment is coming from a firm in the United Kingdom called Ruffer Investment. A representative from the firm suggests that the company now keeps 2.5% of its assets in the cryptocurrency.
In other news, President Donald Trump is saying he will consider granting clemency to Ross Ulbricht, the imprisoned founder of Silk Road, a Bitcoin-friendly black market website used to trade all kinds of illegal goods on a large scale.
With news like all of the above coming out of the woodwork, it’s clear that there’s no better time than right now to start investing in Bitcoin. Use Netcoins to do just that and don’t wait any longer. Learn more about the benefits of using Netcoins to buy your bitcoin here.
It’s clear that while we’re all living in a world searching for answers to humanity’s most pressing economic issues, the solution is likely right under our noses. It already has been for more than 10 years.
Writer, content marketing at Netcoins.