by Marvin Dumont
Crypto prices crashed on March 13 but there’s an interesting trend in the global supply of fiat cash: steep growth of dollar banknotes in circulation, according to new data by Federal Reserve. From March 11 to March 18, dollar banknotes in circulation rose to 1.84 trillion, an increase of almost 2 percent, according to the Fed.
Currency in circulation includes paper currency and coin held both by the public and in the vaults of depository institutions.
The Fed’s Monetary Base graph shows a stunning increase of cash supply since 1980: 40 years ago, there were only $120 billion in dollar banknotes in circulation.
Earlier this month, the U.S. institution announced it would implement a policy of unlimited quantitative easing to combat the economic effects of the Chinese virus pandemic. The policy could also prop up crypto prices.
People work hard for money. The Fed just prints it.
Over the past two weeks, cryptocurrencies have gained 36% rising from $133 billion to $181 billion. The tokenized market is showing buoyancy despite historic volatility in the U.S. stock market.
Apollo Fintech is developing world-shaping fintech solutions for a global economy. Its product categories include Government Solutions, Commercial Products and Consumer Products. Apollo Fintech’s new platforms and tools include National Currency System, Tax System, Commodity Exchange, Mineral Claims System, Government Bank Platform, White Label Payment System, Bank Network, Knox Exchange, DEX, Apollo Cash and Apollo Currency.