Federal Reserve to Taper Money Printing That Fueled Bitcoin Bets

Federal Reserve to Taper Money Printing That Fueled Bitcoin Bets
The U.S. Federal Reserve announced plans to taper its $120-billion-a-month in bond purchases, taking the first step toward winding down a post-coronavirus money-printing program that has inspired many investors to buy bitcoin as a hedge against inflation.The Fed said Wednesday in a statement that it will reduce the pace of asset purchases by $15 billion a month starting this month. Purchases of U.S. Treasurys will drop to $70 billion a month from $80 billion, while purchases of government-backed mortgage securities will decline to $35 billion a month from $40 billion.Under the plan, the Fed will continue to wind down its…