- The final Bitcoin block prior to the halving contained a secret message.
- The message taunted the increasing Federal Balance sheet due to COVID-19 stimulus
With the Bitcoin halving completed, many crypto enthusiasts are looking forward. However, the block right before the halving may be far more interesting.
According to a Blockchair, a Bitcoin block explorer, Bitcoin block 629,999 contained a secret message. The final Bitcoin block prior to the halving contained the following message:
NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue
The encoded message throws rocks at the Federal Reserve’s magnitude of economic stimulus. Furthermore, this comes as the US Federal Reserve chair, Jerome Powell says, “We won’t run out of money.”
And the second thing is we won’t run out of money. You know, it’s not a limited pot.Jerome H. Powell (Chair of Federal Reserve)
This raises concerns as a rapid increase in the monetary supply of currency may result in inflation. Thus, many have taken to limited inflation cryptocurrencies like Bitcoin as a hedge against hyperinflation. Following the halving Bitcoin’s inflation rate halved to 1.8%, half the global average, and still less than the US inflation target 2%.
US Treasury Plans to Borrow Another $3 Trillion
Just last week, The Crypto Associate reported on the U.S Treasury’s plans to borrow an additional $3 trillion continue COVID-19 economic relief. This comes following the $2 trillion stimulus plan.
The $3 trillion borrowing plans further the growth depth of the US Federal Reserve Balance Sheet. The US Federal Reserve Balance Sheet expected to grow past $10 trillion by the end of 2020, and global currency supply increased by 50%. This bolsters Bitcoin’s value proposition as a limited inflation cryptocurrency.
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