Speculation and debate continue around the current global banking debacle. Hedge fund manager Michael Burry, known for predicting the 2008 economic crisis, is drawing comparisons to the panic of 1907, while Rich Dad Poor Dad author Robert Kiyosaki warned this week against injecting more “money false” in the US economy. In related news, former member of the US House of Representatives and Signature Bank board member Barney Frank said that he suspects that regulators intended to send an “anti-crypto message” regarding the recent bankruptcy of the bank All this and more below, in the latest Bitcoin.com news week review.
Michael Burry Compares Today’s Banking Turmoil To The Panic Of 1907: Highlights Markets Bottoming Out
Michael Burry, a hedge fund manager known for predicting the 2008 financial crisis, has drawn parallels between today’s banking crisis and the panic of 1907. He noted that three weeks after JP Morgan took a position, the panic was resolved and markets bottomed out. “A stand was made this past weekend,” said the famous investor.
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Robert Kiyosaki Warns Of ‘Hard Landing’ As Bailouts Begin: Advises Buying More Bitcoin
The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his recommendation for bitcoin, gold and silver. Emphasizing that the government bailouts began after the collapses of Silicon Valley Bank and Signature Bank, Kiyosaki warned that the Fed will inject more “fake money” into the “sick economy.”
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On the verge of a new trend: Credit Suisse receives a 50 billion Swiss franc bailout from the Swiss National Bank
Credit Suisse has experienced a loss of confidence in the health of the financial institution following a significant drop in its share value this week. Over the past five days, Credit Suisse shares have fallen 24.34% against the US dollar, eroding confidence amid fears about the global banking system. On Wednesday around 9 pm ET, Credit Suisse announced that it was strengthening its liquidity by borrowing 50 billion Swiss francs ($54 billion) from the Swiss National Bank (SNB). As concerns about the global banking system continue to spread, bailout measures begin to emerge in the US and abroad.
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Bank Board Member and Dodd-Frank Co-Sponsor Barney Frank Suspicious of ‘Anti-Crypto’ Messaging Behind Signature Bank Failure
Barney Frank, a former member of the US House of Representatives from Massachusetts and a primary co-sponsor of the Dodd-Frank Act of 2010, spoke about his views on the recent Signature Bank bankruptcy. In an interview, Frank stated that he believes that the regulators were aiming to “send a very strong message against cryptocurrencies.” Frank, who also serves as a Signature board member, explained that he was surprised by the financial institution’s demise.
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What do you think? Are bank dominoes now part of an anti-crypto agenda designed? Let us know in the comments section.
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