all about cryptop referances
Twitter CEO Elon Musk has shared what he calls a “massive incentive” to get money out of bank accounts, noting “bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail.'” Personal trainer For his part, economist and author Dave Ramsey believes that the fear of de-dollarization is exaggerated. In crypto news, Bitcoin’s network problems began to ease this week. All this and more right below, in the latest Bitcoin.com News Week in Review.
Tesla and Twitter CEO Elon Musk have shared a “massive incentive” to move money out of bank accounts, citing a significant interest rate gap created by the US Treasury and Federal Reserve. “As more people and companies realize this, bank depositor flight will accelerate to extreme levels, even for ‘too big to fail’ banks,” Musk warned.
read more
Personal finance expert and best-selling author Dave Ramsey has dismissed concerns about de-dollarization and the prospect of a BRICS currency, the Chinese yuan or the Russian ruble displacing the US dollar in international trade. “They don’t have the muscle to take down the dollar,” he stressed.
read more
The U.S. Federal Reserve has revealed that 722 banks reported unrealized losses that exceeded 50% of their capital at the end of the third quarter of 2022. “Rising interest rates are creating significant unrealized losses in investment securities and in some cases depressing tangible equity,” according to the Fed’s Department of Supervision and regulation.
read more
On May 7, 2023, the Bitcoin network was plagued with a staggering 500,000 unconfirmed transactions, causing a major bottleneck in the system. However, the good news is that congestion has eased, resulting in a significant reduction in onchain fees.
read more
What’s your take on this week’s stories? Be sure to let us know in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
