Bitcoin is a threat to the FED
The Congressional Research Service of USA was released the report called Bitcoin: Questions, Answers, and Analysis of Legal Issues. The report states that Bitcoin could be a threat to US monetary policy.
The authors suggest that too much Bitcoin usage could increase the money supply of US dollars. But this would depend on a couple of factors. Enough people would need to be using Bitcoin. At the moment, the bitcoin economy is highly illiquid. Moreover, Bitcoins must be used as a currency in their own right. If they are bought into circulation when exchanged for fiat money, and then taken back out of circulation, the effect on the money supply would be small.
If, however, Bitcoins are substituted for dollars on a more systematic, long-term basis, the situation would change. That this could reduce the demand for dollars, the authors suggest.
«In this case, for the Fed to maintain the same degree of monetary accommodation, it would need to undertake a compensating tightening of monetary policy», the report said.
See also:
Source: http://ecurrency.ec/2014/01/bitcoin-is-a-threat-to-the-fed/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-is-a-threat-to-the-fed
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Here’s my suggestion to the Fed for fixing the economy: fire 90% of government employees, pay congress minimum wage, make all corporations non-profit.