Fed Chair Powell: No Rate Cuts, Inflation Still ‚Too High‘
•Venture capitalist Balaji Srinivasan has made a million-dollar bet that the bitcoin price will reach $1M in 90 days.
•Economist Peter Schiff has warned of an even worse financial crisis than 2008.
•Economist David Rosenberg has predicted a recession and “crash landing” for the US economy.
Balaji Srinivasan’s Million-Dollar Bet
Venture capitalist Balaji Srinivasan says hyperinflation is happening now, and is making million-dollar bets that the price of bitcoin will reach $1M in 90 days. He believes that bitcoin is a hedge against hyperinflation, monetary debasement, bank freezes, and wealth seizure.
Peter Schiff’s Recession Warning
Economist Peter Schiff has warned that the current financial crisis will be worse than in 2008. He stated that any effect from future rate hikes will be more than offset by the Fed’s quantitative easing.
David Rosenberg’s Crash Landing Prediction
Famed economist David Rosenberg has warned of a „crash landing“ and an impending recession for the U.S. economy. He referred to the Philadelphia Fed’s manufacturing index chart to demonstrate his point.
Ordinal Inscriptions Surpass 500,000 Mark
According to statistics, there are now more than 500,000 Ordinal inscriptions on the Bitcoin blockchain as the trend continues to gain traction. Onchain data also shows that since inscriptions started gaining popularity last month, Bitcoin miners have obtained 98 bitcoins worth $2.66 million in added fees.
Fed Chair Powell Not Considering Rate Cuts This Year
Federal Reserve Chairman Jerome Powell does not see the Fed cutting interest rates this year due to inflation levels being „too high“.