{"id":170785,"date":"2023-02-09T15:26:18","date_gmt":"2023-02-09T15:26:18","guid":{"rendered":"https:\/\/precoinnews.com\/?p=170785"},"modified":"2023-02-09T15:26:18","modified_gmt":"2023-02-09T15:26:18","slug":"janet-yellen-warns-of-extraordinary-measures-to-save-economy-what-does-this-mean-for-btc","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/janet-yellen-warns-of-extraordinary-measures-to-save-economy-what-does-this-mean-for-btc\/","title":{"rendered":"Janet Yellen Warns of "Extraordinary Measures" to Save Economy. What Does This Mean for BTC?"},"content":{"rendered":"

Bitcoin, Ethereum, and several other forms of crypto have been enjoying something of a rally over the past few weeks. These assets, along with many others, have enjoyed easing market conditions that have allowed them to jump to four-month highs and allegedly begin to put 2022 \u2013 arguably the worst year for crypto on record \u2013 behind them, but with news of \u201cextraordinary measures\u201d being taken by Janet Yellen and others in the U.S. financial district to prevent chaos from spreading, one can\u2019t help but wonder if BTC\u2019s reign of healing will be short lived.<\/p>\n

Janet Yellen Says They’ll Take “Extraordinary Measures”<\/h2>\n

Not long ago, Treasury Secretary Janet Yellen warned that the United States was approaching its debt ceiling. Right now, the country owes close to $31 trillion in debt, and anything beyond that is likely to lead to serious financial repercussions. Yellen says that the country is going to have to take \u201cextraordinary measures\u201d to keep itself on track, but how does this happen? What are those measures, and what do they mean for assets like bitcoin and the people that use them?<\/p>\n

Nobody wants a repeat of the 2008 Great Recession. During that time, many hard-working people lost their jobs, pensions, 401Ks, homes, and their overall livelihoods. Proper living conditions went out the window for many middle and lower-class Americans, and it took several years for the country to get back on track.<\/p>\n

At the same time, one can\u2019t help but be a little worried about the \u201cmeasures\u201d Yellen is talking about considering past protocols to fight financial trouble haven\u2019t worked. For example, the Federal Reserve has been pushing rates higher and higher ever since inflation began taking hold the way it has. These rate hikes haven\u2019t done much except prevent people from buying cars and houses. We are still seeing high food prices at grocery stores, and bitcoin and several other assets experienced devastating value losses thanks to these hikes. What have they really done that\u2019s positive?<\/p>\n

Yellen stated:<\/p>\n

\n

Failure to meet the government\u2019s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability.<\/p>\n<\/blockquote>\n

Noelle Acheson \u2013 author of the \u201cCrypto Is Macro Now\u201d newsletter \u2013 discussed what she believes the \u201cmeasures\u201d will entail. She said:<\/p>\n

\n

[The ‘extraordinary measures’] will obviously include a limit to the new debt that can be issued, which will reduce the supply of U.S. treasuries and (all else being equal) push up the prices and lower the yields. Lower yields imply an easier monetary environment, which is good for risk assets.<\/p>\n<\/blockquote>\n

Don’t Rain on BTC’s Parade<\/h2>\n

Alex Adelman \u2013 chief executive of bitcoin rewards app Lolli \u2013 also mentioned:<\/p>\n

\n

Bitcoin\u2019s recent rally came on the heels of last week\u2019s inflation data showing that the consumer price index had decreased by 0.1 percent in December.<\/p>\n<\/blockquote>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin, Ethereum, and several other forms of<\/p>\n","protected":false},"author":3,"featured_media":170784,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nJanet Yellen Warns of "Extraordinary Measures" to Save Economy. What Does This Mean for BTC? - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/janet-yellen-warns-of-extraordinary-measures-to-save-economy-what-does-this-mean-for-btc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Janet Yellen Warns of "Extraordinary Measures" to Save Economy. 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