Bitcoin Takes $40,000
Bitcoin has just crossed $40,000, up some 20% since yesterday with the currency now double its all time high.
The political mess in the United States which showed itself yesterday may be one contributor.
Another one may well be its resolution as Trump has now conceded to a Biden administration in control of the Whitehouse and Congress.
That could mean a further acceleration of money printing to fund government spending programs from the $2 trillion Green Deal to the $1 trillion Made in America, or about 100% of how much has been printed this year.
With the Modern Monetary Theory, it’s unclear if there is any constrain, as the trio of Powell, Yellen and Biden get spending.
So bitcoin gets rising, with its market cap now above $700 billion and a top that for now does not seem to be anywhere in sight.
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