Crypto-Twitter has reacted with horror to the news that the United states of america Federal Reserve has been given a mandate to print as much new coin as it needs to in order to avoid a deeper financial crunch due to the coronavirus pandemic.

Charles Hoskinson, CEO of Cardano developer, IOHK, even tweeted on March 23 that he was, "getting a real OneCoin vibe," from the U.S. Dollar.

Congress tells Fed to only impress more than money

In an interview with CBS'due south 60 Minutes, President of the Federal Reserve Banking company of Minneapolis Neel Kashkari referred to there beingness "an infinite amount of greenbacks at the Federal Reserve."

After existence pressed on his comment, Kashkari clarified:

"That's literally what Congress has told us to do. That's the authority that they've given u.s.a.: to impress money and provide liquidity into the financial system."

The idea of the Federal Reserve being given the go-alee to print an infinite amount of new money, sparked Hoskinson's comparison to OneCoin.

As Cointelegraph reported, the OneCoin scam made at least $four billion from unsuspecting investors, unaware that the token they were buying into had no underlying value.

Pomp and CZ slightly less blunt

Other industry figures were quick to weigh in with their own, peradventure slightly more than measured, takes on the matter.

Morgan Creek Digital co-founder, Anthony Pompliano, tweeted about the U.S. Dollar'south now-unlimited supply, maxim:

"History tells us that this is non sustainable long-term for a currency."

Meanwhile, Binance CEO, CZ, gave the Fed an Economic science 101 in his tweet, posing the following teaser:

"Always heard about 'supply, demand and toll'? What happens to price when you take infinite supply?"

Bitcoin (BTC) price reacted to the news by diggings back up through the $6,000 level and onwards upwardly to $6,500 at time of publication.