“Stack Sats” Bitcoin Supporter Advises Europe as ECB Prepares $1.5T Bailout
“Stack Sats” Bitcoin Advocate Tells Europe as ECB Prepares $1.5T Bailout
Another day, another trillion dollars — the European Central Bank, or ECB, has declared it will double the coronavirus bailout program to €1.35 trillion, disappointing Bitcoin (BTC) advocates who advise people to “stack sats”.
In a June 4 press release, the ECB became the latest central bank to increase its debatable response to coronavirus, adding €600 billion to the so-called pandemic emergency purchase programme (PEPP).
ECB: “flexible” asset purchases will continue
Launched in March and initially worth €750 billion, PEPP is a massive buy-up of public and private sector securities.
Similar to the actions of the Federal Reserve, the scheme has so far not reached the unfathomable sizes of United States’ purchases, but still represents what is actually the creation of fake market demand.
“The purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions,” the release states.
“This allows the Governing Council to effectively stave off risks to the smooth transmission of monetary policy.”
Hodlonaut: “Stack sats!”
The move represents just another step in the frenzied “management” of coronavirus by central banks and governments. The measures, which also involve unlimited money printing, are often criticized as being more harmful than coronavirus itself ever was.
The Fed has spurred the frustration, with Chair Jerome Powell publicly acknowledging powers to print unlimited amounts of fiat.
Answering to the ECB, Lightning Torch organizer Hodlonaut told Twitter users to opt out with Bitcoin. “Stack sats!” he called.
Hodlonaut had earlier wondered why, in an age of unlimited money, taxpayers should bother paying tax to the government.
As fiat undergoes even further dilution and savings lose their value by the day, Bitcoin stands out as the only accessible hard money solution for many. Unlike its legacy alternative, gold, Bitcoin does not involve physical storage headaches, is non-confiscatable and cannot be forged or tainted.
Its supply is also strictly limited, and its issuance cannot be accelerated, regardless of how much human energy is spent on mining it.
Due to its incentive structure, miners are not incentivized to agree on Bitcoin mining becoming similar to mining of an uncapped asset like gold.
