Bitcoin
‘The dollar will be worthless’ – Elon Musk issues stern Fed warning as ‘stealth money printing’ drives up price of Bitcoin, Ethereum and XRP
Bitcoin
Bitcoin
recovered after a “perfect storm” this week, helping with a shocking BlackRock bombshell that could trigger bitcoin price chaos.
The price of bitcoin has soared over the past year, driven by a fleet of new bitcoin exchange-traded funds (ETFs) in sight of Wall Street –although a congressional crypto bill could be about to cause a “major 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 “ultimate goal” of the platforms’ payments Musk warned that the US dollar will soon be worth “nothing” as “stealth money printing” will drive up the price of bitcoin, ethereum, XRP and cryptocurrencies.
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Tesla billionaire Elon Musk has warned that the US dollar could be heading towards collapse as it “steals money… [+] printing” could increase the price of bitcoin, ethereum, XRP and crypto.
AFP via Getty Images
“We need to do something about our national debt or the dollar will be worthless,” Musk posted to X in response to a post by influencer ”.
US debt recently reached $34 trillion thanks to the Covid pandemic, lockdowns and massive stimulus spending and will add another $1 trillion every 100 days, according to Bank of America analysts who predicted that bitcoin is set for an “explosive year” as a result.
“Just stating the obvious,” Musk added in a follow-up post.
Meanwhile, Arthur Hayes, a trader who co-founded cryptocurrency derivatives pioneer BitMex and now runs a family office called Maelstrom, wrote in a blog post publish that he expects the price of bitcoin to rise to around $70,000 per bitcoin due to the Federal Reserve and the US Treasury starting “stealthy forms of money printing” that will help the crypto market “sink, cut, and begin a slow climb.”
This week, Federal Reserve Chairman Jerome Powell said the Fed’s next move is unlikely to be an interest rate hike and that this will slow the pace that allows yields on maturing bonds to leave the balance sheet without reinvesting them. . The slowdown means the Fed will reduce its balance sheet by $300 billion a year, compared with the $720 billion pace when the so-called quantitative tightening program began.
Musk’s US dollar collapse warning follows similar warnings from others. Last month, legendary bitcoin billionaire Tim Draper issued a “cataclysmic” US dollar prediction –warning that the dollar will collapse by 2030.
“I hope anyone watching this is trying to at least have some bitcoin so they can feed their family during the period when the dollar goes to zero,” said Draper, who made billions from his purchase of nearly 30,000 bitcoins for $ 18 million in 2014. the US government, counted Cointelegraph.
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The price of bitcoin has surged over the last year, surpassing its previous record and rising… [+] the price of ethereum, XRP and other major cryptocurrencies.
Forbes Digital Assets
Inflation got out of control in 2022 led the author of The Black Swan, Nassim Taleb to warn of an impending “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 an “urgent” warning about the growing $34 trillion US debt pile– which some think has become a “powerful” driver of the price of bitcoin.
In February, legendary investor Jim Rogers warned that the massive US debt pile of $34 trillion means an imminent recession will be “the worst in the world”. [his] life.”
Last year, Jefferies analysts predicted that the US Federal Reserve would be forced to restart its money printing press in 2024 due to a sharp economic recession, potentially collapsing the US dollar and fueling a boom in the price of bitcoin to rival gold.