The US Federal Reserve has started its own official Facebook page, which was met with a torrent of trolling.
The page, which was uploaded on the 18th of August, was ostensibly created to create a more accessible environment for the people to communicate with the Federal Reserve Board of Governors, according to its first post:
Almost instantly, however, libertarian commenters and Bitcoin enthusiasts descended on the page, showering it with all many of mocking comments.
Bitcoin, precious metals lead in comments
Within minutes, negative comments began to pour in. A common theme was Bitcoin and how it provides a viable alternative to the central banking system:
“I love you guys! The more you devalue your fiat currency, the higher cryptocurrency rises and soon enough, you'll be obsolete, along with the federal government.”
Other comments mentioned precious metals, referencing the Federal Reserve’s past where banknotes were redeemable for gold and silver:
“Great. My certificate informs me that there exists $20 in gold coin payable upon demand. Could you please educate me on how I may redeem this paper for real money? Perhaps you're offering Bitcoin now instead? Thanks in advance!”
Central banking running into a rough spot
As a whole, central banking has run into several recent setbacks. Central bankers for Japan, the EU and the US have admitted they are powerless to aid their countries’ lagging economies, and have reach out to government for more help. The vice-chancellor of Germany fears the EU may collapse post-Brexit if other countries follow the UK’s example, and is currently in need of a $166 billion bank bailout. The US is not looking much better, with several economic indicators hinting at a coming recession. Japan has just announced a large stimulus package to support its ailing economy, which could lead to increased inflation.
In the meantime, Bitcoin continues to gain ground. During the period of its departure from the EU, the British pound became less stable than Bitcoin, which itself has achieved the stability of a large cap stock. The cryptocurrency retains a market capitalization of almost $10 billion, and has retained a price close to $600 (and higher) per coin for the last several months.