To bandage the economy last year, the Federal Reserve cut short-term interest rates to close to zero and began printing trillions of dollars. Fed Chair Jerome Powell said the reserve would allow the inflation to continue a little longer before thinking of raising interest rates again.
In response to the inflation, crypto may be transforming from being seen as a volatile investment to an inflation hedge, as big players in hedge funds began buying up bitcoin in May. Paul Tudor Jones was reported saying that bitcoin will be the best inflation trade. Billionaire investor Stanley Druckenmiller also revealed he owns crypto.
In October 2020, PayPal said it would let users buy, sell and trade bitcoin, as well as make purchases with the select cryptocurrency at over 25 million businesses.
This content is available exclusively to Tearsheet Outlier members.
Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account