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Venture capitalist Balaji Srinivasan says hyperinflation is happening now, betting millions of dollars that the price of bitcoin will reach $1 million in 90 days. In related news, countless voices from the financial world are sounding out about inflation, recession and a looming economic crisis. Despite the economic turmoil, central bank chairman Jerome Powell does not foresee the Fed cutting interest rates this year. This and more right below in the Bitcoin.com News Week in Review.
Venture capitalist and angel investor Balaji Srinivasan says hyperinflation is happening now. He expects the price of bitcoin to reach $1 million soon, betting that it will happen in 90 days. Srinivasan also advised investors to buy bitcoin, which he believes is “a hedge against hyperinflation, monetary deterioration, bank freezes and asset seizures.”
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Economist Peter Schiff has warned that the current financial crisis will be worse than in 2008. “Future rate hikes are now meaningless,” he stressed, adding that any effect would be more than offset by the Fed’s quantitative easing.
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Famed economist David Rosenberg has warned of a “crash landing” and an impending recession for the US economy. Referring to the Philadelphia Fed’s manufacturing index chart, he stressed: “Take a hard look at this chart and tell me we’re heading into a ‘soft’ or ‘no’ landing. More like a ‘crash’ landing.”
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According to statistics, there are now more than 500,000 Ordinal inscriptions on the Bitcoin blockchain as the trend continues to gain significant traction. Onchain data also shows that since inscriptions started gaining popularity last month, Bitcoin miners have received 98 bitcoins worth $2.66 million in additional fees.
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Federal Reserve Chairman Jerome Powell does not see the Fed cutting interest rates this year. “Inflation remains too high and the labor market continues to be very tight,” Powell said, adding: “Financial conditions appear to have tightened, and probably more so than the traditional indices suggest.”
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What are your thoughts on this week’s crypto news? Let us know in the comments section below.
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