Venture capitalist Balaji Srinivasan says hyperinflation is happening now and is placing million-dollar bets that the bitcoin price will hit $1 million in 90 days. In related news, countless voices from the world of finance are echoing inflation, recession and the looming economic crisis. Yet despite the economic turmoil, Federal Reserve Chairman Jerome Powell does not see the Fed cutting interest rates this year. This and more below in Bitcoin.com News Week in Review.
Balaji Srinivasan Says Hyperinflation Is Happening Now: He Places Million-Dollar Bets On Bitcoin Price Breaking $1 Million In 90 Days
Venture capitalist and angel investor Balaji Srinivasan says hyperinflation is happening now. Expecting the price of bitcoin to reach $1 million soon, he is placing million-dollar bets that it will happen in 90 days. Srinivasan also advised investors to buy bitcoin, which he believes is “a hedge against hyperinflation, currency debasement, bank freezes and wealth seizures.”
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Economist Peter Schiff forecasts a financial crisis worse than 2008. Says “future rate hikes now make no sense”
Economist Peter Schiff has warned that the current financial crisis will be worse than 2008. “Future rate hikes no longer make sense,” he stressed, adding that any effect will be more than offset by the Fed’s quantitative easing.
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Economist David Rosenberg warns of ‘hard landing’ and recession, citing Federal Reserve data
Famed economist David Rosenberg warned of a “hard landing” and imminent recession for the US economy. Referring to the Philadelphia Fed’s manufacturing index chart, he emphasized: “Take a good look at this chart and tell me we’re headed for a ‘soft’ or ‘no’ landing. More like a crash landing.
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Bitcoin Ordinal Signups Pass 500,000 Mark and Miners Earn $2.66 Million in Additional Fees
According to statistics, there are now over 500,000 ordinal signups on the Bitcoin blockchain, as the trend continues to gain significant strength. Onchain data also shows that since signups began to gain popularity last month, Bitcoin miners have earned 98 bitcoins worth $2.66 million in additional fees.
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Fed Chairman Powell Says Rate Cuts ‘Not In Our Base Case’: Inflation Still ‘Too High’
Federal Reserve Chairman Jerome Powell does not believe the Fed will cut interest rates this year. “Inflation remains too high and the labor market remains very tight,” Powell said, adding: “Financial conditions appear to have tightened, and probably more so than traditional indices say.”
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What do you think about this week’s crypto news? Let us know in the comments section.
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