Hyperinflation Fears Grow: Fed Chair Powell Sees No Rate Cuts
• Balaji Srinivasan, a venture capitalist and angel investor, believes hyperinflation is happening now and has made a million-dollar bet that the price of bitcoin will reach $1M in 90 days.
• Economist Peter Schiff expects an even worse financial crisis than 2008, claiming that future rate hikes are pointless.
• Economist David Rosenberg has warned of an impending recession for the U.S. economy, citing Fed data as evidence.
Venture Capitalist Balaji Srinivasan’s Million-Dollar Bitcoin 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 also advises investors to buy bitcoin as „a hedge against hyperinflation, monetary debasement, bank freezes, and wealth seizure.“
Economist Peter Schiff’s Financial Crisis Warning
Economist Peter Schiff has warned that the current financial crisis will be worse than in 2008. He claims that any effect from future rate hikes will be offset by quantitative easing from the Federal Reserve.
David Rosenberg’s Recession Warning
Famed economist David Rosenberg has warned of a „crash landing“ and an impending recession for the U.S. economy based on Philadelphia Fed’s manufacturing index chart.
Ordinal Inscriptions Surpass 500K Mark
Onchain data shows that Ordinal inscriptions on the Bitcoin blockchain have surpassed 500K mark since gaining popularity last month. As miners earn 98 bitcoins worth $2.66 million in added fees from these inscriptions, this trend continues to gain significant traction on Bitcoin’s network .
Fed Chair Powell Doesn’t Envision Rate Cuts This Year
Federal Reserve Chairman Jerome Powell does not see the Fed cutting interest rates this year amid inflation still being „too high“.