Respected crypto entrepreneur and advocate Ryan Selkis recently shared advice for attentive traders in the digital currency ecosystem. Taking to his official Twitter account, the known critic of the current monetary system raised the alarm that the Federal Reserve is expected to print a great deal of money, a move that appears as a getaway approach to resolve some of the financial woes bedeviling the economy.
Citing the probable next cause of action by the Fed, Selkis, who founded Messari analytics platform, said to his more than 324.9K followers to long Bitcoin (BTC) and Ethereum (ETH) in the face of current uncertainty.
The Fed is going to print so much money, it’s disgusting. Long BTC and ETH.— Ryan Selkis 🪳 (@twobitidiot) May 29, 2023
The call stems from the realization that should money be printed to help sustain the economy as the debt ceiling negotiations grow to become more of a concern, the move will further stir the devaluation of the United States dollar. Market experts believe that the excessive cash printing during the COVID-19 era explains why the U.S. Dollar has continued to lose its value in recent years.
One of them, Stanley Druckenmiller, recently shorted the Dollar based on its bearish outlook.
Case for Bitcoin and Ethereum
In a bid to further advance his reasoning about the call to long BTC and ETH, many industry experts have over the years expressed the core fundamentals in these top assets.
While Bitcoin has a total supply cap of 21 million, after which no other coin will be produced, Ethereum brandishes a massive utility that will consistently make its native token more in demand for users. While the U.S. Dollar is still the reserve currency for the world, its status is not guaranteed in the long term with the rise of the BRICS countries.
Uncertainty surrounding the mainstream financial economy and the incoherence in Central Bank policies across the board has placed BTC and other altcoins in a favorable position in the mid- to long term.