The co-founder of crypto exchange Gemini, Tyler Winklevoss, addressed the money printing spree in the US. Check out the tweet that he dropped.
A US digital currency won’t make bitcoin obsolete anymore than the US dollar makes gold obsolete. If anything, the US dollar and Jerome Powell’s endless printing of it makes bitcoin all the more necessary. 🤦♂️ https://t.co/YlRnrYVN85
— Tyler Winklevoss (@tyler) July 14, 2021
Forbes’ piece begins by saying that during testimony on Wednesday afternoon before the U.S. Financial Services Committee, Federal Reserve Chairman Jerome Powell made clear that while the central bank is continuing to study the feasibility of a digital dollar, it will not be forced into launching one.
It won’t “succumb to outside pressure from other countries that are jumping out ahead,” as Forbes puts it.
More than that, he also noted that when the US launches a sovereign digital currency, it could make cryptos such as bitcoin or stablecoins such as Tether unnecessary.
US dollar vs crypto/stablecoins
“One of the arguments that are offered in favor of a digital currency in particular you wouldn’t need stablecoins you wouldn’t need cryptocurrencies if you had a digital US currency,” said Powell.
We suggest that you check out the complete article in order to learn more available details.
Here’s what someone commented on Twitter: “Yeah…they don’t understand having a digital currency doing the same as real currency does nothing Rolling on the floor laughing Becoming “digital” just makes it intangible, is all. If you increase the supply, you still have same problem as now. How will these ppl ever understand?”
Someone else hopped in the comments and said: “A US digital currency is a total waste of time. Crypto has no boundaries and is safe and easy to transfer whether you are in a different country, on sea, land, or even space. Why buck the system with another US currency that will make purchases anywhere else difficult?”
Check out the complete thread in order to see more opinions that people shared.