Cameron Winklevoss: The Fed Hacks The US Dollar
While the perpetrators of the infamous Twitter hack from a few days ago remain unknown, popular cryptocurrency proponent Cameron Winklevoss believes that “we do know who continually hacks the US dollar – the Fed.”
The Fed Hacks The USD?
During the past few days, the world’s attention is focused on the bold Twitter hack, which had compromised many accounts belonging to famous individuals and companies. Despite the increased media coverage and numerous rumors, though, the perpetrators haven’t been exposed.
By referring to these events, Gemini co-founder Cameron Winklevoss recently took a swing against the US Federal Reserve. More specifically, he said that the Fed is hacking the USD:
We may not know yet who hacked Twitter, but we do know who continually hacks the U.S dollar — The Fed.
— Cameron Winklevoss (@winklevoss) July 16, 2020
What Winklevoss refers to is the situation that occurred since the start of the COVID-19 pandemic. The virus outbreak brought unexpected pain to world economies, including the US. To fight the consequences of closed businesses, people in lockdowns, and ultimately millions of newly-registered unemployed citizens in merely months, the Fed introduced a familiar policy.
By justifying that the government is designing a deal to help Americans and businesses to cope with the economic shutdown, President Trump signed a record $2.2 trillion coronavirus-induced emergency stimulus package in March. Yet, that was just the start of the money-printing machine as several other similar developments followed.
However, the brief alleviation prompted by these measures could be followed by a significantly worse scenario. Numerous prominent economists argued that printing such extensive amounts of the USD in a short period could have disastrous consequences on the dollar.
Popular economist Stephen Roach believes that the USD decline may happen at “warp speed,” while Peter Schiff warned that the country could even reach a hyperinflation state.
Nevertheless, the Fed continued with its so-called “quantitative easing” policy, as the dollar sunk to its three-month low recently. Some reports even went further by claiming that the Fed’s actions are indeed “destroying the US dollar,” thus supporting Winklevoss’s opinion on the matter.
Winklevoss’ Internet History
Cameron Winklevoss, alongside his identical twin brother Tyler, were business partners of Facebook founder Mark Zuckerberg in the 2000s. Following a lawsuit they initiated against Zuckerberg for their participation in setting up what later became a social media giant, the twins ultimately settled to take $20 million in cash and $45 million in Facebook stock.
While their venture with Facebook was ceasing, the Winklevoss brothers entered the cryptocurrency field and became amongst the most prominent Bitcoin proponents. Their investments in the sector include launching the popular US digital asset exchange – Gemini.
Interestingly, the brothers also purchased “tickets to space” using bitcoins from Sir Richard Branson’s Virgin Galactic in 2014. Each spent 312.5 BTC (worth about $250,000 at the time), but Tyler came to regret his decisions recently when the price of the primary cryptocurrency was at $9,600. Meaning, that the $250,000 tickets from 2014 had a value of $3 million just six years later.
Featured Image Courtesy Of CNBC
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