At 12:00 UTC on Monday (March 23), the Federal Reserve issued a press release to announce what several influencers in the crypto space are referring to as “Quantitiative Easing Infinity”:

These were two the key parts of the press release:

The Federal Open Market Committee (FOMC) will purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.

Establishment of two facilities to support credit to large employers – the Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance and the Secondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds.

This was the reaction by Anthony Pompliano (aka “Pomp”), Co-founder and Partner at Morgan Creek Digital:

Although futures for the S&P 500 surged 55.75 points (or 2.44%) in premarket trading (since the Fed made its announcement before the opening of today’s trading session), currently (as of 14:37 UTC), the S&P 500 is down 38.59 (or 1.67%) at 2,266.33.

As for Bitcoin, according to data from CryptoCompare, although it was trading below $6K before the Fed’s announcement, within 65 minutes of the Fed’s announcement, it had reached the intraday high of $6,513, and currently (14:39 UTC) it trades at $6,268, up 3.57% in th past 24-hour period:

BTC-USD 24 Hour Chart at 1437 on 23 Mar 2020.png

Binance Co-Founder and CEO Changpeng Zhao (aka “CZ”) had this to say about the Fed’s plans for unlimited quantitative easing:

Su Zhu, Co-Founder, CIO, and CEO of Singapore-based crypto-focused hedge fund Three Arrows Capital, believes that the Fed’s actions will eventually lead to such inflation that the cost of a new iPhone will reach $20,000 later in this decade: