Bitcoin (BTC) gained ironic support from U.s.a. President Donald Trump on March 27 after he appeared to say he supported manipulating the dollar.

In a printing briefing quoted by various Twitter commentators, including Blockstream CSO, Samson Mow, Trump defended the Federal Reserve printing more than than $half-dozen trillion.

Trump: the dollar is "our coin, our currency"

"The cute matter near our country is $6.2 trillion — because it is two.2 plus 4 — it's $6.two trillion, and we can handle that hands considering of who we are, what we are," he said.

"It's our money; we are the ones, it's our currency."

While Trump did not provide whatsoever further explanation of his train of thought, he appeared to endorse the Fed providing the astronomical sum of liquidity for the U.S. marketplace. In turn, the dollar supply would be heavily expanded.

It is this form of meddling in the money supply that forms a primal tenet of Bitcoin as a financial solution. The coronavirus epidemic emboldened its supporters, who watched on every bit the Fed admitted that it had "infinite" money.

"How much did we pay Trump to advertise #Bitcoin?" Mow summarized.

Bitcoin versus U.S. 10-year bond returns

Bitcoin versus U.South. ten-year bail returns. Source: Skew.com

$6 trillion reality sinks in

Reactions to the giant $six.2 trillion meanwhile continue to appear, as various cryptocurrency users showed their surprise. Hodlonaut, the organizer of terminal year'due south Lightning Torch transaction relay, argued that nether an unlimited money situation, paying taxes made no logical sense.

Caitlin Long, the ex-Goldman Sachs executive who subsequently pioneered friendly Bitcoin regulatory approaches in Wyoming, described the monetary intervention as killing capitalism.

She also warned that the Fed's balance sail would more than double before the coronavirus crisis abated to more than $10 trillion.

"In short-term, huge dollar demand bc brusk-covering, but it won't concluding," part of a tweet posted on Friday read.

For calibration, $half-dozen trillion is the equivalent of the unabridged U.S. gross domestic production in 1990, or enough to buy almost 70% of the world's gold supply at spot price.