Ryan Selkis, a well-known cryptocurrency entrepreneur and supporter, has provided some guidance for cautious traders in the ecosystem of virtual currencies. The well-known opponent of the present monetary system expressed concern on his official Twitter account about the Federal Reserve’s anticipated large-scale money printing, which would appear to be an escape route from some of the economic problems it is facing.
Selkis, the creator of the Messari analytics platform, advised his more than 324.9K followers to buy Bitcoin (BTC) and Ethereum (ETH) in the face of the present unpredictability by citing the Fed’s likely future course of action.
The need for action arises from the realisation that printing money to support the economy as the debt ceiling discussions get more pressing will only accelerate the depreciation of the US currency. Market analysts contend that the COVID-19 era’s excessive money creation is to blame for the U.S. dollar’s current decline in value.
On the basis of its pessimistic prognosis, one of them, Stanley Druckenmiller, recently shorted the dollar.
Case for Bitcoin and Ethereum
Many industry professionals have over the years articulated the fundamentals in these top assets in an effort to support his argument for the recommendation to long BTC and ETH.
Unlike Bitcoin, which has a total supply limit of 21 million coins after which no more coins will be created, Ethereum has a significant utility that will steadily increase user demand for its native token. Although the U.S. dollar is the world’s reserve currency, the growth of the BRICS nations raises questions about how long that position will last.
BTC and other cryptocurrencies are in a good position in the mid- to long-term due to uncertainty surrounding the main financial system and the general incoherence of Central Bank policy.
