Did Jerome Powell Kill Crypto? Find Out Here with Kale Abrahamson
Around the world, there are thousands of investors in cryptocurrency. And all of them are trying to figure out what decisions are the best to make regarding selling their coins. As many investors are figuring out what the next best move is to gain the most profits in this market, there are many questions about the performance of cryptocurrencies, specifically for ETH. These investors want to know if Federal Reserve Governor Jerome Powell’s latest claims on federal tapering are true. Kale Abrahamson is here to answer all these questions! Also, he will provide us the latest updates on the situation with the future of crypto.
Breaking Down Jerome Powell’s Claims on Inflation
For starters, Abrahamson discloses Jerome Powell’s recent discussion on inflation. You can see Powell’s insights on the situation in a recent Tweet from Walter Bloomberg. Abrahamson claims that Powell’s influence over the crypto market is more potent than that of President Joe Biden. The reason is that, according to Abrahamson, “the word ‘tapering’ just sent global markets down by two percent by this one guy.” In response to Powell’s recent announcement on inflation, he advises his followers not to panic sell their coins in fear of the crypto market crumbling.
Moreover, he claims that the federal reserve deliberately uses words, such as “quantitative easing,” in their announcement to the public to confuse people who may not be familiar with financial jargon. By doing so, as Abrahamson argues, they are taking advantage of these people by robbing them of their money. After researching the definition of “tapering” on Investopedia, he concludes that it means the federal reserves will prevent further printing of money. This has been done for years, including during the 2008 economic recession.
Afterward, Abrahamson explains that this situation is not new. Based on past tapering claims, he states that the federal reserve members will prevent the market from crashing at all costs. The reason is that they need to maintain their positions of power by being re-nominated. Because of this, as Abrahamson states, Powell will announce later that the federal reserve will not taper.
Additionally, Kale Abrahamson explains how cryptocurrency works by saying that Ethereum will thrive in the crypto market, even with the crash of Bitcoin. Ethereum is a blockchain platform where investors can make purchases or sales of coins with ETH as the currency to use. Currently, the market cap for Ethereum is large, being worth roughly $444 billion.
A meeting is scheduled on Dec. 14 and 15, where the federal reserve will discuss decreasing bond purchases. For years, tapering has been a response of the federal reserve to increase economic activity and to combat the effects of inflation, which occurs when the prices of goods rise while the currency value for purchasing decreases. Before the meeting takes place, Powell still asserts that the government will begin the process of tapering.
As for the performance of crypto, investors still continue to panic sell bitcoins after these latest announcements made by Powell. However, despite many investors trying to sell their coins as fast as possible, other people follow Abrahamson’s advice.
Also, the performance for cryptocurrency is still doing well overall, particularly for Ethereum. Influential users on Twitter continue to highly recommended ETH. As these social media influencers gain millions of followers, many of these followers are more likely to buy ETH.
Want to learn more about the tips that Kale Abrahamson uses to invest in crypto? Or, are you asking, “What is cryptocurrency, and how does it work?” Visit Abrahamson’s YouTube page, The Kale Show, for more info! Or keep scrolling through his blog!