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Crypto Slip; Analyst Says Trump’s Call for Negative Rates May Benefit Bitcoin

Post time: 2019/9/12 18:46:12

Pacific Exchange(PEX)according to Investing news on 12 September 2019 - Prices of major cryptocurrency inched down on Thursday in Asia. While not a directional driver, an analyst said U.S. President Donald Trump’s call for negative interest rates may support Bitcoin prices.

Bitcoin inched up 0.2% to $10,088.00 by 12:54 AM ET (04:54 GMT). Ethereum lost 0.7% to 178.10, while XRP and Litecoin was down 0.8% and 1.0% respectively.

Dan Tapiero, an analyst of DTAP Capital, said a "debasement of the dollar” that could follow if the Federal Reserve significantly lower interest rates would benefit Bitcoin. "The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term,” said Trump in a tweet posted overnight.

Tapiero said the negative rates proposed by the president would encourage people "to do something else with their cash,” rather than putting their wealth at a bank.