Crypto enthusiasts will be asking themselves if they can already hear money printers going BRRR in some of the world’s biggest economies – after the European Central Bank (ECB) decided to double down on its emergency bond-buying in the wake of the coronavirus pandemic.
Cryptocurrency advocates have been arguing that cash – already failing before the COVID-19 crisis, may not have what it takes to survive. And for those expecting that bitcoin (BTC) and altcoins will soon have their time in the sun, the ECB’s move will come as no surprise.
Today, ECB president Christine Lagarde chaired a virtual meeting where the bank decided to up bond purchases by EUR 600 billion (USD 680 billion).
Bloomberg reports that the “vast majority of economists” it surveyed last week expected the bank to increase its bond spending by a much lower figure: EUR 500 billion (USD 567 billion).
And the ECB did not stop there. The bank extended the bonds’ duration by a minimum of the end of June 2021, with further extensions now seeming very likely.
In an official statement, the ECB also added that its bond-buying program is now set to hit the EUR 1,350 billion (USD 1,528 billion) mark, with interest rate levels unchanged.
The bank wrote,