No One Can Print BTC Out of thin air, Says CZ after $300 Billion Fiat Print By CoinEdition

© Reuters Nobody can print BTC out of thin air, says CZ after printing $300 billion worth of Fiat
  • The CEO of Binance praised BTC’s advantage in resisting inflationary pressures.
  • It exceeded $27,500 in the last 24 hours.
  • A member of the US Congress said that the government is using market chaos as a weapon to kill cryptocurrency.

Yesterday, Binance CEO Changpeng Zhao took to Twitter to praise a key feature of Bitcoin technology that makes it resist inflationary pressures, a feature that traditional fiat currencies lack.

“Nobody can print Bitcoin out of thin air,” Zhao tweeted, adding, “Mining is an advantage.” The statement comes after several reports confirmed that the US government had printed $300 billion “out of thin air” as a bailout in the wake of the collapse of three prominent banks in the country.

According to data from the market tracking site CoinMarketCap, Bitcoin (BTC) has topped $27,500 in the past 24 hours, one of its highest points in nine months. The increase comes after BTC fell below $19k in a week when the US banking sector plunged into crisis and many bank runs.

Bitcoin’s cumulative seven-day growth is over 36%, with a market share of over $529 billion. Other major altcoins, such as (ETH), (BNB) and (ADA), are all posting positive double-digit gains from the previous week.

Many experts have been thinking that the US government is deliberately going after the cryptocurrency industry after shutting down pro-crypto financial institution Silvergate Bank.

On Thursday, US Congressman Tom Emmer said that the government is “using market chaos as a weapon to kill cryptocurrency.” In an interview with Fox Business News, Emmer quoted two sources who reported that any company that buys Silvergate Bank will have to sign a covenant that prevents them from facilitating crypto transactions.

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