With the BRICS countries reportedly pushing for a de-dollarization movement and major banks like Bank of America and Goldman Sachs predicting further interest rate hikes from the US Federal Reserve, traditional Despite the turbulence in global finance, crypto creativity is finding new boons in the form of controversial inscriptions called Ordinals on the Bitcoin blockchain. All this and more in the latest Bitcoin.com Newsweek in Review.
Experts predict imminent economic collapse as BRICS nations unite against the dollar
Andy Schectman, CEO of Miles Franklin Precious Metals Investments, said in a recent interview that the five largest emerging economies, collectively known as the BRICS nations, Brazil, Russia, India, China, and South Africa, are “uniting against the dollar.” He explained that they are “united against the dollar. Schectman believes that after 2022, de-dollarization “seems to be spinning much, much faster.”
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Bank of America, Goldman Sachs, JP Morgan, and UBS share predictions for more Fed rate hikes
Bank of America, Goldman Sachs, JP Morgan, and UBS share their forecasts for further Federal Reserve rate hikes. Bank of America and Goldman Sachs, for example, expect the Fed to raise rates three more times this year.
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Economists warn that the Fed cannot meet its inflation target without “crushing” the US economy
Economist Mohamed El-Erian, chief economic advisor to Allianz and chairman of Gramercy Fund Management, warns that the Federal Reserve cannot achieve its 2% inflation target without crushing the US economy. This economist suggested, “We need a higher, more stable inflation rate, let’s call it 3% to 4%.”
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Bitcoin Continues to Record 3.75MB Blocks as Ordinal Increases
As Ordinal ticks approach 150,000, blocks over 3MB become more common, with many blocks approaching the 4MB range. Meanwhile, after average transaction fees on-chain were 122% higher in early February 2023, average fees have not changed in recent weeks.
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