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A comment on 66% of all Tether (USDT) have been printed in the last 6 months. Parent comment

Re:66% of all Tether (USDT) have been printed in the last 6 ... by PragmaticPulp on Sunday February 21, 2021 @11:38AM (#26214814)
It’s trying to imply that the dollar is collapsing and everyone is rushing for the exits, which isn’t true by any other measure.

These arguments are dishonest because they treat Bitcoin as a dual currency/asset but then only compare to the M2 money supply (currency) while ignoring the total wealth of the United States (including assets).

These arguments also confuse quantitative easing with traditional government debt spending, and they ignore that the stimulus money is designed to fill gaps in the economy left by COVID, in which case inflation would be negligible (although I think the US is overshooting that target)

They also ignore the fact that crypto isn’t the only exit for holders of USD looking to avoid inflation. They can invest in stocks or assets (crypto is a narrow subset of this), or they could exchange into the currency of another nation.

[ Parent | on HN ]
Re:66% of all Tether (USDT) have been printed in the last 6 ... by shuckles on Sunday February 21, 2021 @11:44PM (#26220948)
Counter-point: the US government added $2.2T more dollars, yet they are almost as good at buying commodities and other goods and services today as they were a year ago. Furthermore, the market expectation of their goodness, as determined by Treasury Inflation-Protected Securities, is quite strong. That seems like almost the opposite of dollar holders rushing for the exits!
[ Parent | on HN ]