"Everyone must like to play monopoly, right, so you must understand what Musk is trying to say."
Billionaire Elon Musk likens the Federal Reserve (Fed) to a game of Monopoly following its rules, players can use a piece of paper to continue transactions thus creating a sense of unlimited ability to make money if the bank runs out of cash.
Statements by Musk on social media platform X have sparked concerns about the Fed's monetary policy including ongoing economic problems plus critics claiming that unrestrained money printing could lead to inflation and currency depreciation.
Responding to Musk's tweet, financial analyst Michaël van de Poppe recommended investors to buy Bitcoin (BTC), gold and silver following the possible resumption of quantitative easing (QE).
While economist Peter Schiff also predicted that the price of gold and silver will see a significant increase but he who still has a negative view of BTC has said that the digital asset is "dead money".
Not only that, Schiff who also raised issues about consumer confidence, inflation and interest rates also claimed that the Fed's policy may become counterproductive then recessionary pressures may prompt them to lower interest rates and start QE again.
Due to the increasing debt level of the United States (US), investors have moved towards BTC and gold as a hedge against inflation and it should be noted that the US budget deficit which reached $1.7 trillion in fiscal year 2023 is expected to reach $2.6 trillion by 2034.
Nice to know that the price of BTC managed to move above $73,000 shortly after the Securities and Exchange Commission (SEC) approved the much-anticipated spot BTC ETF which finally boosted the demand for the digital asset.
