Crypto-Twitter has reacted with horror to the news that the United States Federal Reserve has been given a mandate to print as much new money as it needs to in order to avert a deeper financial crisis due to the coronavirus pandemic.
In an interview with CBS’s 60 Minutes, President of the Federal Reserve Bank of Minneapolis Neel Kashkari referred to there being “an infinite amount of cash at the Federal Reserve.” Charles Hoskinson, CEO of Cardano developer, IOHK, even tweeted that he was, “getting a real OneCoin vibe,” from the U.S. Dollar.
I'm not sure I like this coin. Getting a real onecoin vibe from it…. https://t.co/ZXKDbtFMgd— Charles Hoskinson (@IOHK_Charles) March 23, 2020
OneCoin scam made at least $4 billion from unsuspecting investors, unaware that the token they were buying into had no underlying value.
Pomp and CZ slightly less blunt
Morgan Creek Digital co-founder, Anthony Pompliano, tweeted about the U.S. Dollar’s now-unlimited supply, saying:
The Federal Reserve confirmed this morning that the US dollar now has infinite supply.— Pomp ? (@APompliano) March 23, 2020
History tells us that this is not sustainable long-term for a currency.
Meanwhile, Binance CEO, CZ, gave the Fed an Economics 101 in his tweet, posing the following teaser:
Ever heard about "supply, demand and price"? What happens to price when you have infinite supply? https://t.co/rY6luLw50U— CZ Binance ??? (@cz_binance) March 23, 2020