Former Coinbase executive, Balaji Srinivasan, has expressed his disapproval of the U.S. Federal Reserve on the social media platform X. According to Srinivasan, the Fed’s monetary policy is unpredictable, unlike Bitcoin (BTC), which he claims has a predictable monetary policy.
Srinivasan highlights the predictability of Bitcoin’s issuance by stating that if a graph were made comparing its predicted issuance to its actual issuance over the last 15 years, they would perfectly overlap. He believes that this predictability is just as important as the scarcity of the currency itself.
Srinivasan further criticizes the Fed for causing market risks. He attributes the unpredictability and volatility in the markets to the Fed committee, claiming that they arbitrarily determine interest rates based on outdated data and political motivations.
In addition to Srinivasan’s concerns, some elected U.S. politicians are also wary of the Fed and are seeking to limit its power. Recently, the House of Representatives passed a bill, sponsored by Republican Majority Whip Tom Emmer, called the CBDC Anti-Surveillance State Act (H.R. 5403). This bill aims to prevent the Fed from launching a central bank digital currency (CBDC) without Congressional authorization. Emmer states that his goal is to protect Americans’ right to privacy and ensure that any development of digital money reflects values such as privacy, individual sovereignty, and free market competitiveness.
Despite these concerns, Fed Chair Jerome Powell stated in March that the agency is not currently considering or adopting a CBDC.
Please note that the opinions expressed in this article are not investment advice. It is advisable for investors to conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades in these assets carry inherent risks, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice.
