Harry Yeh is the managing partner and founder of the Delaware acquisition organization Quantum Fintech. He was recently interviewed by journalists at Bloomberg Markets and Finance. Speaking to the media, Yeh claimed that the current strength and success of Bitcoin is the effect of the monetary policies of the Federal Reserve.
He added that as the USD was losing its market value, Bitcoin kept gaining more traction in return. He also pointed out that the plan of the government to keep printing more money is going to help Bitcoin go higher. He also claimed that with the flood of stimulus checks in the economy, the people have no other choice but to seek refuge in Bitcoin.
Harry Yeh recently told Bloomberg that the COVID-inflicted inflationary economic setup placed Bitcoin in the position of best value hedge. Answering a question from the reporter, he said that the debate about whether cryptocurrencies are here to stay or not is not important anymore.
He claimed that people are looking at Bitcoin as the best possible hedge against inflation under the current circumstances. He also claimed that Bitcoin is not intrinsically a store of value, but the total value added to the flagship cryptocurrency is the value taken out of the USD.
Yeh also told the media that there is a good chance that the tapering policies of the Federal Reserve are going to favor Bitcoin. He claimed that increasing interest rates in the banking sector is going to negatively impact the broader financial markets like Forex, stocks, and derivatives exchanges.
Therefore, Federal Reserve will drive exclusive attention of investors into Bitcoin for the next year. Head of the Market strategy at Genesis Trading, Noelle Acheson, recently told the media that thus far, there is no conclusive evidence that Bitcoin is an effective hedge against inflation.