The ongoing COVID-19 outbreak has created a financial crisis, in fact, it is said that the world economy has never shut down this fast. In this case, the US Fed’s Kashkari in a recent interview said ‘ there is an infinite amount of Cash’.
Neel Kashkari, U.S. senator addressed the economic scenario caused by the Coronavirus and elaborated the “Speed and scale here are just absolutely critical given that thousands of people are being laid off every day”. While he assured that the amount of cash is infinite on why should ‘congress not worry about precisely targeting aid’, bitcoin proponents said, ‘This is quite literally the reason bitcoin was created”.
A Twitter user “Vis” shared a clip of Kashkari which then received several criticizing comments from the crypto community. One such Twitter user commented, saying “infinite amount(…)? So why am I paying taxes and sht’
The Federal Reserve says there is an "INFINITE AMOUNT OF CASH"
This is quite literally the reason bitcoin was created. pic.twitter.com/JTE9TVoSr0
— Vis (@Vis_in_numeris) March 23, 2020
Moreover, other crypto community members shared their views on the same topic on Reddit. While one concerned ‘why doesn’t the fed use this infinite amount of cash to pay off the $23.5T national debt?’ Other user reiterated by saying ‘Pay debt with debt. The new debt, however, is put on future generations”.
Essentially Neel Kashkari saw the financial crises of 2008 that trigged the Great recession. However, the crypto community is comparing fiat’s infinite amount with the limited supply that Bitcoin has. More so, banks in Italy reportedly launched a full-fledged crypto wallet as they experience significant demand for paper-less money due to the fear of a virus outbreak.
While US stock futures opened the market sharply lower on Monday, Bitcoin as well is declining by 7.67 percent and trading at the value of $5818.40 against USD.