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Bitcoin's Price Gets A Boost After Federal Reserve Chairman Said The Bank Was Prepared For High Inflation
Summary: At the central bank's annual Jackson Hole event Federal Reserve Chairman Jerome Powell said that the bank will be willing to allow inflation to push higher than the 2% target causing the price of Bitcoin to get a temporary boost. Bitcoin's price climbed up from $11,400 to $11,594 in 20 minutes after Powell's remarks, but lost ...
At the central bank's annual Jackson Hole event Federal Reserve Chairman Jerome Powell said that the bank will be willing to allow inflation to push higher than the 2% target causing the price of Bitcoin to get a temporary boost.
Bitcoin's price climbed up from $11,400 to $11,594 in 20 minutes after Powell's remarks, but lost the gains within minutes. At the time of writing Bitcoin is trading at $11,454 and is up 0.83%. Powell said the bank would be willing to allow inflation rates to rise moderately above 2%, but only for a temporary period of time.
Crypto enthusiasts often point to rising inflation rates brought on by money-printing by the central bank amid the COVID-19 pandemic as a factor which will push Bitcoin's price higher as investors look for assets to hedge against the potential outcome that the dollar loses value.
By Emily Mason
Tags: Federal Bank,Inflation Rates,Jerome Powell,U.S. dollar
Link: Bitcoin's Price Gets A Boost After Federal Reserve Chairman Said The Bank Was Prepared For High Inflation [Copy]
