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Bitcoin Supporters Warn Donald Trump That Negative Rates Are Not a “Gift”
Bitcoin (BTC) enthusiasts were scolding United States President Donald Trump this week as he called on the Federal Reserve to tax people’s savings by introducing negative rates.
In a tweet on May 11, Trump pressured the Fed again, stating that the central bank should “keep pace” with Europe in lowering rates.
Trump: The U.S. needs negative interest rate “gift”
The European Union first brought about negative interest rates in 2014.
Trump wrote:
“As long as other countries are receiving the benefits of Negative Rates, the USA should also accept the ‘GIFT’. Big numbers!”
Negative rates mean charging banks — and therefore savers — to store money. Fed chair Jerome Powell has said he is against their introduction, but last month, an ex-official joined calls to send U.S. rates negative for the first time in history.
“The U.S. Federal Reserve should fight a rapidly deepening recession by taking interest rates below zero for the first time ever,” former Minneapolis Fed president Narayana Kocherlakot said.
Taxing savers, Bitcoin supporters argue, has only worsened since the coronavirus, as enforced economic shutdowns made governments bail out big businesses while taking equity and wealth form smaller participants.
Fiat squeezes the savers
Trump’s words were particularly piercing, coming on the day that Bitcoin “hardened” its money supply and cut inflation to 1.8% via its third block reward halving.
Unsurprisingly, those in favor of the cryptocurrency had little time for the president’s demands.
“As the Fed adopts a controlled Weimar strategy, Bitcoin just completed its third halving,” Gemini exchange co-founder Tyler Winklevoss commented.
Even gold bug Peter Schiff, well-known for his dismissals of Bitcoin, was unimpressed.
“Negative rates are not a gift. They are a transfer of wealth from savers to debtors,” he told Trump on Twitter.
“But the inflation created to make negative rates possible will hurt wage earners too, plus the overall economy will be less productive and living standards will be lower as a result.”
Earlier this week, critics decried the Fed pressing with plans to enter the exchange-traded fund market, while Virgin Galactic chairman Chamath Palihapitiya told CNBC that the dollar is about to enter a “massive deflationary spiral.”
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Stocks fall as retail sales shrink and the Fed warns the economic recovery from COVID-19 will be slower than expected. Meanwhile, Bitcoin number go up.
In brief
The stock market just closed its worst trading week in two months.
Bitcoin, on the other hand, is up more than 10% on the week.
All signs point to a slower economic recovery from the coronavirus than initially expected.
It was the week of the great decoupling, as Bitcoin finally broke its correlation with the stock market—one that some analysts and traders say never really existed in the first place. While crypto has seen considerable gains this week, the stock market continues to fall on warnings that the US economy may recover from the coronavirus pandemic slower than anticipated.
Bitcoin found itself flirting with $10K per coin once again in the lead up to the third Bitcoin halving, a once-in-four-years event that cuts mining rewards in half, limiting supply and reducing inflation.
But, on the day of the halving, the price of Bitcoin dumped all the way down to the mid-$8,000 range, a sign of nervousness in the market over the event. (Ethereum likewise dropped down to $185 per token.)
Since then, however, Bitcoin and the rest of the crypto market has come roaring back. While BTC may be down today by around 5%, Bitcoin has gained more than 10% on the week and is now trading for around $9,300. All in all, market capitalization for all cryptocurrencies has gained close to 8% and now sits at $253 billion
Meanwhile, stocks have seen consistent days of negative trading since the beginning of the week. The Dow Jones Industrial Average (DJIA) fell by more than 500 points on Wednesday, while the S&P fell close to 2%. While the Dow closed today up by 60 points, it ended the week down more than 2%. It was the worst trading week for the Dow in nearly two months.
Likewise, the S&P isn’t faring much better, closing today at 2,863 points and down close to 2% on the week as well.
Markets appear to have reacted to the news of poor retail sales in April, which were far worse than predicted. A government report suggests that April retail sales were down more than 16%—far worse than the 12.3% percent initially predicted by Dow economists.
The coronavirus pandemic has caused overall spending to shrink, with the clothing industry taking the biggest hit. Sales of clothing fell by more than 78%, while electronics were next in line with a 60% drop in sales. Restaurant revenue has dropped by close to 30%.
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It is expected that in the next 2 months, XRP price may increase by 30%. Today XRP is trading at $0.19, having lost 1.80% within 24 hours.
According to the report from the crypto analysts, Ripple‘s XRP, the third-largest crypto, is set to rise 30% and mount an impressive comeback. This is after the crypto’s price plunged around 50% in February, falling from its peak alongside other crypto coins.
Analyst LomahCrypto revealed via a Twitter post that he is currently charting a scenario in which Ripple’s XRP may jump by nearly 30% in the coming two months, pointing to the $0.24 price point as a potential target.
Lomah, in his analysis, did not explain why this price action will transpire, but his chart shows that XRP printed a swing failure pattern at a key level of support, boding well for the cryptocurrency moving forward.
In the same light, Credible Crypto explains that the recent rally in the crypto market has enabled XRP’S long term chart to print a positive sign.
The third-largest crypto reclaimed a multi-year trendline recently, recovering from a downtrend after hitting its all-time high and dropped four times. According to Credible Crypto, XRP is managing to make the breakout, saying it is a sign that the bottom is in.
Ripple’s XRP Fate Tied to Bitcoin Performance
With the fact that Lomah, alongside other analysts predicting a bullish run for Ripple’s XRP, the price of the crypto remains tied to the fate of Bitcoin as the crypto king’s directionality dictates the overall trend of the crypto industry.
Fortunately, the crypto king is also about to begin its bull run. Crypto analytics provider Glassnode shared this week that there’s recently been a rise in the number for “daily new entities on the Bitcoin network.”
The metrics seven days moving average responsible for calculating how much people access the BTC network reports that the numbers have soared from 6,000 in mid-March to 17,000 recently amounting to a 200% rise in a few weeks.
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A block reward halving is a mechanism that is activated once every four years on the Bitcoin network that reduces the rate in which new BTC is mined. Theoretically, halvings should eventually lead to an increase in the price of bitcoin, as less BTC flows into the market approaching its 21 million cap
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