Bitcoin Price Eyeing $7,000 After Fed Says it Has ‘Infinite Cash’

Bitcoin (BTC) and gold showed clear signs of strength on March 24 as the United States Federal Reserve revealed the true extent of its money printing. 

Having cleared $6,000 on Monday, BTC/USD went on to hold ground at around $6,500. At the same time, gold rallied, as market analysts suggested its recent selloff was over.

Fed: We have “infinite cash”

The precious metal traded at around $1,572 at press time, a daily improvement of 1.35%. 

Bitcoin versus gold 1-year chart. Source: Skew.com

For gold, the rebound echoed behavior during the financial crisis of 2008, Goldman Sachs highlighted, quoted by Bloomberg. Then, as now, the Fed removing barriers to dollar liquidity ultimately sent the precious metal shooting higher.

As various sources reported, the Fed will now embark on a giant buyback exercise which will be worth $125 billion each day — or a massive $2.5 trillion per month. 

Aimed at shoring up the U.S. economy, the scheme is akin to flooding the market with “new”…