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Fed's Powell Wins Forbes' Crypto Person of the Year Honors; Do They Give Awards for Snark?
A side effect of the Fed's medicine for the pandemic-stricken U.S. economy was to create conditions ideal for the rise of cryptocurrencies.
U.S. Federal Reserve Chair Jerome Powell is the winner of Forbes' inaugural "Person of the Year in Crypto" award, an honor for which the central bank chairman is unlikely to make room on his mantel.
STORY CONTINUES BELOW
- Because Powell's Fed effectively printed more than $3 trillion in new money, almost doubling the central bank's balance sheet in the process, it helped create an atmosphere that converted many long-time crypto skeptics into believers, Forbes noted. Forbes quoted venture firm Pantera Capital as saying the Fed's actions created "two centuries of debt in one month."
- That spending spree and concomitant debt explosion led one of the judges, Anthony Pompliano of Morgan Creek Digital, to credit Powell with basically creating a "$3 trillion marketing campaign for bitcoin."
- Crypto investors have been betting all year the flood of government and central bank spending to fight the coronavirus-caused economic slowdown will eventually lead to inflation, against which bitcoin is viewed as a hedge.
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
