Wed, September 18, 2024 at 17:58

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some intriguing news regarding the Federal Reserve and a unique art installation involving Bitcoin.

  • 
• Annie

  • Oh, that sounds interesting!

  • What's happening?😊

  
• 

  Kang-hoon

  • Well, just minutes from now, Fed Chair Jerome Powell will lead a rate-setting panel at today's Federal Reserve meeting.

  • The central bank is expected to lower interest rates by 25 to 50 basis points.

• Annie

  • A rate cut, huh?

  • That's big news.

  • But what about the Bitcoin art installation you mentioned?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • Ah, yes.

  • The inflatable Bitcoin rat designed by artist Nelson Saiers has made a return.

  • It's currently installed at Jekyll Island, a secluded island off the coast of Georgia where the Federal Reserve was born over 100 years ago.

• Annie

  • Jekyll Island?

  • That's quite symbolic.

  • What's the story behind this island?

  
• 

  Kang-hoon

  • In the fall of 1910, a secret meeting was held there, bringing together six of the most influential bankers of the era.

  • They devised a plan to prevent another financial panic like the one in 1907, which led to the creation of the Federal Reserve.

• Annie

  • Wow, so it was a really secretive meeting?😲

  
• 

  Kang-hoon

  • Yes, it was so secretive that participants were invited under the guise of a duck hunting trip and were asked to only use their first names.

  • Financial journalist Bertie Charles Forbes described it as the strangest, most secretive expedition in American finance history.

• Annie

  • That's fascinating.

  • So, what's the purpose of this art installation?

  
• 

  Kang-hoon

  • The art demonstration aims to shed light on the ongoing impact of this secret meeting.

  • Many people feel the system is pro-banker and not for the average person, which fuels suspicion about the fairness of the financial system.

  • 
• Annie

  • I see.

  • And who is Nelson Saiers, the artist behind this installation?

  
• 

  Kang-hoon

  • Nelson Saiers is an American mathematical and financial artist and a former hedge fund manager.

  • He's often referred to as the 'Warhol of Wall Street.'

  • His work frequently critiques the Federal Reserve.

• Annie

  • Interesting nickname!

  • What does Saiers think about Bitcoin?

  
• 

  Kang-hoon

  • Saiers has a keen interest in Bitcoin.

  • His inflatable rat is adorned with code from the Bitcoin protocol.

  • He believes that the troubling size of the national debt and other economic issues excite people about Bitcoin.

• Annie

  • So, he's using art to make a statement about the economy and Bitcoin's resilience?

  
• 

  Kang-hoon

  • Exactly.

  • Saiers mentioned that Bitcoin has shown resilience even after issues like the FTX collapse.

  • He also timed the installation to coincide with today's Fed meeting and the anniversary of the Federal Reserve Act passing in 1923.

• Annie

  • That's quite a historical connection.

  • Do you think this news is good or bad for the market?

  
• 

  Kang-hoon

  • Overall, I see it as a positive development.

  • The rate cut could stimulate economic activity, and the attention on Bitcoin highlights its growing relevance.

  • Both factors could be beneficial for the market in the short term.

• Annie

  • Thanks for the insight, Kang-hoon.

  • This was really informative!👋

  
• 

  Kang-hoon

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.