This week, Federal Reserve chairman Jerome Powell ordered an ethics review after it was disclosed that several Fed presidents had been making millions worth of stock market trades, while also making decisions that impact policies that could influence their bottom line at the potential expense of individual citizens everywhere.
The implications are being completely ignored due to the situation in markets brewing with Evergrande, with only Massachusetts Senator Elizabeth Warren paying enough attention to care. The US Senator sent letters to the 12 Fed presidents, demanding stricter ethics around stock buying.
The situation prompted a massive Bitcoin rat to be erected across the street from the Fed in response. Who was behind the demonstration, and how does Bitcoin come into play in such a situation where central bank ethics are concerned?
A review of Federal Reserve staff ethics policies is being conducted after it was disclosed that Dallas Fed President Robert Kaplan had made multiple trades worth $1 million or more “in individual stocks including Apple, Amazon and Delta Air Lines.”
Boston Fed President Eric Rosengren also “held stock in Pfizer, Chevron, and AT&T.” Shares of companies like Delta Air Lines and Pfizer were influenced heavily by the pandemic, which these Fed presidents were responsible for creating economy-saving policies. Instead, they could have been pumping their own holdings using the policies they are in charge of creating.
Abuse of this nature in politics and around central bankers isn’t anything new. Central bank policies always benefit corporations and lobbyists, while hurting the little guy. Themes of transparency and decentralization are all in stark contrast to the shadowy and unethical control central bankers have over the world.
And that’s where Bitcoin comes in. Bitcoin is the complete opposite of everything that’s going on with the Federal Reserve. With traditional markets only focused on what’s going on with Evergrande, the world of crypto is one of the few sectors that still cares about disrupting those in current control.
In protest, a massive Bitcoin inflatable rat was erected outside the Federal Reserve in New York City for the second time in four years, this time with the initial quote of “I smell a rat” crossed out to now say “I smell 2 weasels,” in reference to the Boston and Dallas Fed presidents and their actions.
The protest was done by Nelson Saiers, known as the Warhol of Wall Street. At age 23 Saiers had earned a Ph.D. in math, and later became the Managing Director of Deutsche Bank. He left his career as a hedge fund to pursue a career in mathematical art and has used themes of money, finance, and crypto throughout his several stand-out works.
The giant rat also features a black eye, to show the black eye that the Federal Reserve is on the world. The other eye says POW in reference to Bitcoin’s proof-of-work consensus mechanism. The cryptocurrency’s code is also written all over the giant rat.
The reason Saiers chose Bitcoin was to raise awareness around the crypto world because the community would care. Bitcoin is also in direct opposition to central banks and is the solution to the lack of ethics policies and the constant abuse of what policies do or don’t exist. Bitcoin is a decentralized cryptocurrency protocol, where no one can alter the code or chain of transactions.
This tamper and censorship-resistant technology also include a fully transparent public ledger anyone can use to confirm transactions. The supply is hard-capped by mathematical code, and only 21 million BTC will ever exist.
Computer code and consensus mechanisms can completely remove the need for trusted third parties, which history has proven can never be trusted anyway. Without central banks blowing out monetary policies that cause inflation for their own benefits, Bitcoin’s code changes the way the world will transact forever forward.
Recently economist Ray Dalio revealed that he finally bought some Bitcoin, but that he believes that the government will kill it if it ever becomes a thing. Well too late, Dalio, Bitcoin is already at more than $40,000 per coin, and is now the subject of legislation at Capitol Hill, and is the subject of ongoing China FUD.
Governments are doing their best to attack, but it isn’t phasing the unstoppable blockchain-based technology. More than a decade has passed and it has never died, never been hacked, nor has it ever gone down. Few other networks can claim such a thing, and the network grows with each new bubble.
Some governments, however, have chosen to embrace cryptocurrency. Take El Salvador for example, which has just legalized Bitcoin as legal tender in the country. BTC is now accepted at McDonald’s and Starbucks’ locations all over the region, and it is a major step in the right direction.
Bitcoin is the answer to a lot of things. It is the answer to ethics problems plaguing the United States and the world. It is the answer to central banks abusing monetary policies for ages to come. It is the answer to aging fiat currency technology. It is the answer to transparency, and potentially financial freedom.
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Digital assets are here to stay, as Bitcoin has repeatedly shown. It now has a place in the global marketplace and is even being accepted as legal tender in some countries worldwide. What comes next for the cryptocurrency could be shocking, especially if central bank policy continues to be abused and a complete lack of ethics spins out of control.
Senator Warren is paying attention, and so is Nelson Saiers and the Bitcoin community. Are you?