On Sunday evening, five central banks in the United States and Europe undertook a coordinated effort to alleviate pressure on the global funding market and to enhance US dollar liquidity. This resulted in a surge in the price of Bitcoin, leading Ki Young Ju, CEO of CryptoQuant, to share a contemplative social media message.
Ki asked the people who believe in the US dollar system to imagine three things. He initially asked them to think of a situation where cryptocurrency exchanges invest all client funds in shitcoins. Secondly, he asked to imagine a situation where Satoshi Nakamoto prints infinite Bitcoins to bail out the exchanges.
CryptoQuant CEO thirdly asked the believers to imagine the price of bitcoin fluctuating based on the hawkish or dovish expressions by Satoshi.
Ki retweeted the press release by the European Central Bank, asking people to imagine a situation where Satoshi just printed more bitcoin to bail out cryptocurrency exchanges. The price of Bitcoin would plummet as the supply increases. Ki is basically making a comparison to the action of the central banks to enhance US dollar liquidity, which in turn will decrease the value of the US dollar.
The past few weeks have witnessed the downfall of three prominent banks. The collapse of Signature Bank (NASDAQ:SBNY), Silicon Valley Bank, and Silvergate Bank has caused the average person to lose the trust vested in the banks. However, despite the banking chaos, the price of cryptocurrencies has been on the rise, with BTC breaching $28,000.
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Source: Cryptocurrency - investing.com
