Ethereum
‘The dollar won’t be worth anything’: Elon Musk issues stark warning to Fed as ‘stealth money printing’ drives up Bitcoin, Ethereum and XRP prices
Bitcoin
Bitcoin
bounced back from a “perfect storm” this week, helped by a BlackRock shock bomb that could trigger Bitcoin price chaos.
The price of Bitcoin has soared over the past year, fueled by a fleet of new spot Bitcoin exchange-traded funds (ETFs) on Wall Street –although a Congressional crypto bill could be poised to cause “huge disaster” for Bitcoin, Ethereum, XRP and the broader crypto market.
NOW, after an executive at Tesla billionaire Elon Musk’s social media company X revealed the “end goal” of the platform’s payments, Musk warned that the US dollar will soon be “worth nothing” as “stealth money printing” drives up the price of Bitcoin, Ethereum, XRP and crypto.
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Tesla billionaire Elon Musk has warned that the US dollar could collapse by “stealing money… [+] printing” could drive up the price of Bitcoin, Ethereum, XRP and crypto.
AFP via Getty Images
“We have to do something about our national debt or the dollar will be worthless,” Musk said. job to X in response to a post from influencer “another world war”.
The US debt recently reached $34 trillion thanks to the Covid pandemic, lockdowns and huge stimulus spending, and will be added another $1 trillion every 100 days. according to Bank of America analysts, who predicted bitcoin would have an “explosive year” as a result.
“I’m just stating the obvious,” Musk added in a follow-up post.
Meanwhile, Arthur Hayes, a trader who co-founded crypto derivatives pioneer BitMex and now runs a family office named Maelstrom, wrote in a blog job that he expects the price of bitcoin to rise to around $70,000 per bitcoin due to the Federal Reserve and U.S. Treasury beginning “stealth forms of money printing” that will help the crypto market “collapse, break, and begin a slow climb.”
This week, Federal Reserve Chairman Jerome Powell said the Fed’s next move was unlikely to be an interest rate hike and would slow the pace at which it allows bond proceeds reaching maturity to exit the balance sheet without reinvesting them. This slowdown means the Fed will shrink its balance sheet by $300 billion a year, compared to $720 billion at the start of the so-called quantitative tightening program.
Elon Musk’s warning about the collapse of the US dollar follows similar warnings from others. Last month, legendary Bitcoin billionaire Tim Draper released a “cataclysmic” US dollar forecast:Be careful, the dollar will collapse by 2030.
“I hope everyone watching this is trying to have at least a little bit of bitcoin so they can feed their family during the period when the dollar goes to zero,” said Draper, who made billions from his purchase in 2014 of almost 30,000 bitcoins for 18 million dollars. the American government, said Cointelegraph.
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The price of Bitcoin has soared over the past year, surpassing its previous all-time high and increasing… [+] the price of Ethereum, XRP and other major cryptocurrencies.
Forbes Digital Assets
Inflation will spiral out of control in 2022, says Nassim Taleb, author of The Black Swan warn of a looming “death spiral” for the US dollar that the Federal Reserve is unable to prevent.
In March, the chief executive of the world’s largest asset manager, BlackRock
BLACK
issued ‘urgent’ warning over growing US debt of $34 trillion– which some say has become a “powerful” driver of Bitcoin’s price.
In February, legendary investor Jim Rogers has warned that America’s huge $34 trillion debt means a looming recession will be “the worst ever”. [his] lifetime“.
Last year, analysts at Jefferies predicted that the US Federal Reserve would be forced to restart its money printer in 2024 due to a sharp economic slowdown. potentially collapsing the US dollar and fueling a Bitcoin price boom to rival gold.