The U.S. dollar has been under pressure this year, taking a big hit as the coronavirus pandemic wreaked havoc on America’s economy.
In the run up to next month’s U.S. presidential election, investors are scrambling to understand how a win for either incumbent Donald Trump or Democratic challenger Joe Biden will move the dollar and currency markets.
However, former Facebook
“The reality is that [the Federal Reserve and the U.S. Treasury] have printed so much money that the likelihood is that we’re going to continue to see asset price inflation independent of who’s in the White House,” Palihapitiya told CNBC’s Squawk Box this week, adding he holds bitcoin just “in case the central banks and governments of the world step on a landmine.”
The Fed and the Treasury have embarked on massive stimulus programs this year, injecting trillions of dollars in the financial system in an attempt to offset the economic damage caused by the coronavirus pandemic.
This unprecedented intervention, propelling the stock market to record highs even as unemployment has spiked and businesses struggle nationwide, has sparked fears among some investors that a severe bout of inflation is on the way.
Palihapitiya, who began his VC career while still