Venture capitalist Balaji Srinivasan says hyperinflation is happening now and is betting $1 million that bitcoin prices will reach $1 million in 90 days The price of bitcoin is expected to reach $1 million in 90 days. In related news, countless voices from the financial community have been voicing their belief that inflation, recession, and economic crisis are on the horizon. However, despite the economic turmoil, Federal Reserve Chairman Jerome Powell does not expect the Fed to cut interest rates this year. In addition to this, Bitcoin.com News Week in Review has the following articles.
Balaji Srinivasan Says Hyperinflation Is Happening Now – Betting $1 Million That Bitcoin Price Will Exceed $1 Million Within 90 Days
Venture capitalist and angel investor Balaji Srinivasan says hyperinflation is happening now. Predicting that the price of bitcoin will soon reach $1 million, he is placing a $1 million bet that it will happen within 90 days. Srinivasan also advises investors to buy bitcoin, which he considers “a hedge against hyperinflation, currency devaluation, bank freezes, and wealth seizures.”
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Economist Peter Schiff predicts a financial crisis worse than 2008 – “future rate hikes are no longer meaningful”
Economist Peter Schiff warns that the current financial crisis will be worse than 2008. He stressed that “future rate hikes are no longer meaningful,” adding that any effect would be more than offset by the Fed’s quantitative easing.
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Economist David Rosenberg warned of a “crash landing” and recession, citing Fed data
Noted economist David Rosenberg warned of a “crash landing” and impending recession in the U.S. economy. Referring to a graph of the Philadelphia Fed’s manufacturing index, he emphasized: take a good look at this graph and say we are headed for a “soft” or “no” landing. It’s more like a ‘crash’ landing,” he stressed.
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Bitcoin Ordinal Inscriptions Surpass 500,000, Miners Earn $2.66M in Additional Fees
Statistics show that there are now over 500,000 Ordinal Inscriptions on the Bitcoin blockchain as the trend continues to gain significant traction. Also, according to on-chain data, bitcoin miners have earned 98 bitcoins worth $2.66 million in additional fees since inscriptions began gaining popularity last month.
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Fed Chair Powell Says Rate Cuts “Not in Our Base Case” – Inflation Still “Too High”
Federal Reserve Chairman Jerome Powell does not see the Fed cutting rates this year.” Inflation is still too high and the labor market remains very tight,” Powell said, adding: “Financial conditions appear to be tightening, perhaps even tighter than conventional indicators say.”
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