Judy Shelton is one of the potential candidates for the United States Federal Reserve’s policymaking and adjudication board. Fun fact about her, she is known for being a strong supporter of cryptocurrency and fintech innovation. Some of her other policy views include reverting to the gold standard and dramatically lowering interest rates within the US. Of course, this is contingent on whether or not Trump wins the November 2020 election.
Bitcoin Is Stuck In A Slump, A Change To The US Federal Reserve Policy Could Reverse That
On the 21st of July 2020, Bitcoin managed to gain some serious ground. This may be because many other market instruments such as stocks and gold are also enjoying a growth period. Yet, even with this period of growth, Bitcoin has still not managed to get out from under $9 500 USD. Let us not even imagine that $10 000 USD could soon be a reality. However, there is a real shot that this could change with the induction of Judy Shelton to the Federal Reserve.
Of course, her nomination is subject to some dispute. Judy Shelton was initially the economic consultant to US President Donald Trump’s 2016 election campaign. Hence, when the nomination came to a vote, there were some severe objections from Democrat party representatives. The following hurdle for her to surmount would be on the Senate floor, where she will require another vote.
A Review Of Shelton’s Policies And The Possible Consequences Thereof
The major headline is that Shelton would usher in a new era of support for cryptocurrency within the Federal Reserve. Shelton has stipulated that currency should be a proponent for economic growth. In addition, she has stated that she thinks the gold standard could be reformed within new cryptocurrency methodologies. Yet, she has also stated that she believes that the Federal Reserve should have their level of independence minimized.
The final statement is what worries many, mainly due to how unconventional her approach to financial management is. President Trump has been known to demonish the Fed for its rigorous protocols and inaction in certain situations. Therefore, many believe that should he win again within the November elections, Shelton would likely be promoted to the top. Some economists are worried about the future of the market. However, opinions are mixed.
Judy Shelton is known for wondering if central banks should even be the ones to regulate a nation’s interest rates. One thing is for certain to emerge out of her potential winning; the US would move back towards the gold standard. However, it won’t just be a heavy emphasis on gold, but an emphasis on new emerging fintech instruments as well.
And of course, Bitcoin would have a shot at making it out of the $9 500 USD territory. What do you think of the new developments within US financial policy? Do you support a return to the gold standard, albeit in a modified cryptocurrency-centric method?