Yesterday, Changpeng Zhao, the CEO of Binance, took to Twitter to praise a core feature of the Bitcoin technology that makes it resists inflationary pressures, a feature traditional fiat currencies lack.
“No one can print Bitcoin out of thin air,” Zhao tweeted, adding, “mining is a feature.” This statement comes after multiple reports confirmed that the US government had printed $300 billion “out of thin air” as a bail-out following the collapse of three prominent banks in the country.
According to data from the market tracking website, CoinMarketCap, Bitcoin (BTC) has surpassed $27,500 in the last 24 hours, one of its highest points in nine months. This increase comes after BTC fell below $19k in the week when the US banking sector slipped in crisis and numerous bank runs.
Bitcoin’s cumulative seven-day growth stands over 36%, with a market share exceeding $529 billion. Other top coins, such as Ethereum (ETH), Binance Coin (BNB), and Cardano (ADA), are all on double-digit positive gains from the previous week.
Many experts have been theorizing that the US government is deliberately hunting down the crypto industry following the closure of the pro-crypto financial institution Silvergate Bank.
On Thursday, US Congressman Tom Emmer said the government is “weaponizing market chaos to kill crypto.” In an interview with Fox Business News, Emmer quoted two sources who reported that any company buying Silvergate Bank would have to sign an undertaking prohibiting it from facilitating crypto transactions.
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