Analyst Predicts Bitcoin Owners to Benefit from US Dollar Collapse
Jefferies, a global financial services firm, has issued a warning about the potential collapse of the U.S. dollar and how it could benefit both gold bullion owners and bitcoin holders. According to an analyst from the firm, the Federal Reserve and other G7 central banks will struggle to exit unconventional monetary policies smoothly and will likely continue expanding their balance sheets. As a result, investors in gold and bitcoin may see significant gains.
Berkshire Vice Chair Charlie Munger Skeptical of Crypto Investments
Charlie Munger, the vice chairman of Berkshire Hathaway and Warren Buffett’s right-hand man, has expressed his belief that most cryptocurrency investments will eventually become worthless. He specifically criticized bitcoin as “the stupidest investment” he has ever seen. Munger’s skepticism towards crypto aligns with Buffett’s long-standing aversion to digital currencies.
American Economist Jeffrey Sachs Predicts End of Dollar Hegemony
Economist Jeffrey Sachs predicts that the era of the U.S. dollar’s dominance is coming to an end. He argues that central bank digital currencies (CBDCs) will become the foundation for cross-border settlements, replacing the dollar’s role. Sachs also cites the misuse of the dollar as a geopolitical tool as a contributing factor to its decline in the next decade.
Former Alameda CEO Accuses SBF of Fraud at FTX
In a dramatic testimony, Caroline Ellison, former CEO of Alameda Research, accused Sam Bankman-Fried, founder of FTX exchange, of directing her and others to commit fraud under his leadership. Ellison claimed that Alameda used billions of dollars from FTX customers for investments without their knowledge or consent. The trial surrounding these allegations continues to unfold.
Hot Take: Differing Views on Crypto’s Future
Berkshire Hathaway’s Charlie Munger dismisses most crypto investments, while Jefferies analyst sees potential benefits for bitcoin holders in the case of a dollar collapse. Economist Jeffrey Sachs believes central bank digital currencies will replace the dollar as the basis of cross-border settlements. The ongoing Sam Bankman-Fried trial reveals allegations of fraud at FTX. These conflicting perspectives highlight the uncertainty and debate surrounding the future of cryptocurrencies.
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