Bitcoin is hitting highs thanks to Janet Yellen, next treasury secretary

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The Dow and bitcoin are pushing to new highs as former Federal Reserve chair Joe Biden lines up Janet Yellen as the next Treasury secretary.

Dow 30,000 As Bitcoin Nears $20,000 thanks to Janet Yellen

Tuesday was a special day in financial markets. The Dow Jones, one of the major U.S. stock market indices breached 30,000 for the first time. A new all-time high might be surprising to some given the carnage that the COVID-19 has done to the domestic economy, but Wall Street has pressed higher regardless.
Enjoying an even more dramatic spike is leader of cryptocurrencies, Bitcoin, which is currently trading around 19,000. This is an extraordinary performance from an asset that had critics writing it off again when the stock market dropped earlier this year.
Scott Freeman, Co-Founder & Partner at JST Capital said:
“Everyone is moving into Bitcoin, especially as the price inches closer and closer to $20K, and this bullish mentality is spreading outwards to other tokens in the ecosystem… I expect that this movement into altcoins will only continue as the marketplace matures and continues to attract all types of investors.”
Given crypto enthusiasts’ distaste for the “banksters”, it is curious to see both sides of the coin performing so well. If Bitcoin is in many ways a hedge against inflation, how can it be zeroing in on what would be it’s highest ever monthly close by some $6,000?
Bitcoin enthusiasts can find the answer where Joe Biden has chosen Janet Yellen as the next treasury secretary.

Janet Yellen Is Wall Street’s Savior, Crypto’s Arch-Villain

Former Federal Reserve Chair Janet Yellen is a dove among doves and now she’s official it isn’t surprising to see Dow bulls salivating at the prospect of having a Fed insider at the Treasury. Full synergy between the fiscal and the monetary is now on the table, with Powell and Yellen acting as the dream team for stock markets.
Central bank’s pumping empty asset bubbles resulting in large inflation is the doomsday scenario that resulted in Satoshi Nakamoto inventing BTC in the first place.
As the two sides revel in speculation, perhaps the real winners are those like Paul Tudor Jones, hedging their Dollar denominated exposure with a BTC investment. BTC/USD has shown little signs of performing as a haven, as it has increased over the past few days as the price of gold has fallen.
What is certain is that someone like Janet Yellen inspires euphoria and fear in equal measure across both sides.
Janet Yellen, has the Dow Jones and Bitcoin soaring in perfect unison- for completely different reasons.

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