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🚀 Bitcoin Bulls Unite: Galaxy Digital CEO Predicts $100K BTC Surge in 2021 Amid Spot ETF Frenzy
📈 In a recent interview, Mike Novogratz, the CEO of Galaxy Digital, confidently reiterated his optimistic stance on bitcoin, projecting a staggering $100,000 price tag for the cryptocurrency by year-end.
👴 Novogratz believes that the boomer generation is now hopping on the bitcoin bandwagon, with their massive $48 trillion in liquid wealth acting as a potential catalyst for this digital gold rush. He sees this as a pivotal moment, emphasizing that "anyone who wanted to buy bitcoin can buy it."
💼 The rise of spot bitcoin ETFs has become a game-changer, according to Novogratz. These investment vehicles have opened up a floodgate of institutional and retail investors, resulting in more buyers than sellers and fueling the bullish momentum.
🏦 The macroeconomic landscape also plays a role, with Novogratz pointing to concerns over fiscal policies and mounting government debt. As he puts it, "bitcoin is a report card on fiscal prudency," and with current spending levels, it's no surprise he sees the value climbing higher.
🌐 It's not just Novogratz who's bullish; industry experts like Bitwise's CIO and veteran trader Peter Brandt are raising their price targets too. With "runaway momentum" in spot ETFs and an ever-growing demand worldwide, the sky seems to be the limit for bitcoin enthusiasts.
While no one can predict with absolute certainty where the price will settle, Novogratz's optimism reflects a broader sentiment that bitcoin's ascent is far from over. So buckle up and keep an eye on those charts – we might just be witnessing history in the making!
🐋 Satoshi Era Mega Whale Awakens: $123M Worth of 2,000 Vintage Bitcoins Stir the Crypto World!
📅 On March 1, 2024, a notorious mega whale resurfaced, making waves with a jaw-dropping move. This crypto behemoth, first spotted in March 2020, orchestrated a series of 40 transactions, transferring a whopping 2,000 BTC from the depths of 2010.
🔍 Each transaction was linked to a 50 BTC coinbase reward originating from unique addresses. These ancient Pay-to-Public-Key-Hash (P2PKH) addresses had been lying dormant for over a decade until this whale's awakening.
🔄 The whale's strategy involved consolidating its treasure trove into a single Pay-to-Script-Hash (P2SH) address. Today, all eyes are on the BTC stash residing at the address "3BhsG," worth an eye-popping $123.9 million!
⛓ Confirmed at block height 832,648, this flurry of activity mirrors the whale's previous exploits from the bygone era of August-November 2010. It seems this leviathan has perfected the art of preserving anonymity while making seismic moves.
💰 But that's not all! In a parallel maneuver, our crypto cetacean also steered its 2,000 bitcoin cash (BCH) holdings to another known destination – the address "qpq4u." A double splash in the crypto ocean!
📈 From humble beginnings when each BTC was worth around $800, these vintage coins have surged in value over time. Today's exchange rates catapult their worth to an astonishing $123.9 million – a testament to Bitcoin's meteoric rise.
Hold on tight, fellow crypto enthusiasts, as the Satoshi Era Mega Whale continues to make waves in the ever-evolving ocean of digital assets! 🌊🐋
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🚀 Bitcoin's Price Set for a Stellar Surge, Says Investment Advisor
🔮 David Stryzewski, the esteemed CEO of Sound Planning Group and a renowned investment advisor, has made a bold prediction: bitcoin is gearing up for a serious rally. With his accolades as the 2016 "Advisor of the Year," Stryzewski's expertise in social security, wealth management, and retirement planning lends weight to his analysis.
📈 The catalysts for this surge? The upcoming Bitcoin halving and the recent approval of spot bitcoin ETFs by the SEC. Stryzewski believes that when "big money" from institutional investors flows into these ETFs, we can expect an even greater upward push in BTC's price.
💼 Spot bitcoin ETFs are particularly exciting because they offer retail investors greater exposure to the world of bitcoin. As Stryzewski puts it, this new development is a testament to bitcoin's status as a "real asset class" with significant potential value.
⚠️ While Stryzewski remains bullish on bitcoin, he does offer a word of caution: directly owning bitcoin comes with risks, such as the possibility of losing private keys. However, investing in spot bitcoin ETFs mitigates this concern, allowing investors to focus on the potential gains without worrying about custody.
🚨 Buckle Up! Robert Kiyosaki's Latest Warning: Stock and Bond Markets on the Brink of Disaster
📉 Brace yourselves, investors! The man behind the groundbreaking book Rich Dad Poor Dad, Robert Kiyosaki, is sounding the alarm once again. This time, he's pointing his finger at the stock and bond markets, predicting an imminent crash.
📚 With over 32 million copies of his book sold worldwide, Kiyosaki has built a reputation for his financial insights. But it's not just his words that carry weight; it's his track record.
📈 Despite the market's seemingly unstoppable climb, Kiyosaki isn't buying into the hype. On social media, he warns against being fooled by a strong economy facade, attributing the market's resilience to what he calls the "Magnificent 7" – those tech giants we all know: Tesla, Meta, Alphabet, Amazon, Apple, Microsoft, and Nvidia.
💥 It's not the first time Kiyosaki has raised red flags. He's been vocal about his lack of trust in institutions like the Federal Reserve and Wall Street. In fact, he goes as far as predicting a potential economic depression and even another war on the horizon.
💰 So what's his solution? Well, it seems Kiyosaki is putting his faith in a different kind of asset – Bitcoin. Just last month, he urged investors to consider this digital currency as a hedge against mounting government debt. And with recent news of bitcoin ETFs gaining approval, he's upped his own BTC holdings and set his sights on a staggering $150K price target.
⏳ As we await what could be a game-changing Bitcoin halving event, Kiyosaki reminds us all to stay vigilant. The markets may be soaring now, but remember, fortune favors the prepared.
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🕵️ Crypto Exchange Heist: Taiwan Police Nab Fraudulent Fintech Fugitives
🚨 Arrests in the Realm of Crypto! Taiwan's finest have clapped the cuffs on two high-flying executives of ACE Exchange. These suspected masterminds have allegedly taken investors on a unicorn ride with nonexistent virtual currencies.
💸 Promises of Digital Gold? Think fast money and even faster promises! Lin Nan, the alleged primary trickster, and Pan Nan, supposedly his sidekick, reportedly enticed over 100 individuals into their web of deceit using ACE Exchange as their stage for credibility.
🏠 A Millionaire's Raid! Police swoops were as dramatic as a movie heist, hitting 15 locations and leaving no stone unturned. Lin Nan's abode alone coughed up a cash and crypto stash valuing upwards of $3.6 million — talk about a rainy-day fund!
🔒 The Law Locks Down! Post interrogation, the dynamic duo and their band of 14 were escorted to the big house. Brace for charges under the Criminal Code, not forgetting a sprinkle of Money Laundering Prevention and Banking Acts violations.
🎉 Nigeria Embraces Crypto! Central Bank Lifts Ban and Aligns with Global Standards
🌐 The tide is turning in Nigeria! The Central Bank of Nigeria (CBN) has officially waved goodbye to its ban on banks dealing with cryptocurrencies. This marks a monumental shift in the country’s approach to the digital economy and brings a cheer from crypto enthusiasts.
💰 Once shackled by a February 2021 prohibition order, the Nigerian financial institutions can now breathe easy. The earlier command had forced banks to turn their backs on the crypto world, causing quite a stir and a series of account closures.
📜 Citing the need to keep up with the joneses on the international stage, the CBN's new stance has been influenced by the Financial Action Task Force's (FATF) updated Recommendation 15. It's all about regulating the virtual asset service providers (VASPs) to ward off money laundering and terrorist financing.
🏛 What's more, Nigeria is putting a ring on it by including VASPs in the legal definition of a financial institution. To add icing to the cake, the Securities and Exchange Commission is donning the bedazzled outfit of a regulator to oversee these crypto players.
🚫 However, don't put your party hats on just yet if you're a bank hoping to trade in cryptocurrencies directly. The CBN's yellow light means banks must avoid holding, trading, or transacting in virtual currencies themselves.
➡️ So let's cheers to Nigeria's bold move! It's a refreshing nod to innovation and positions the country as a forward-thinking member of the international community, while still keeping a tight leash on the traditional banking sector.
👑 Tether Implements New Stablecoin-Freezing Policy After Seizing Funds Tied to OFAC Sanctioned Entities
⚫️ Paolo Ardoino, the CEO of Tether, emphasized the company's commitment to maintaining the highest safety standards and working closely with law enforcement and regulators. By freezing wallet addresses added to the SDN List, Tether seeks to promote positive usage of stablecoin technology.
➡️Tether has a history of freezing USDT addresses involved in suspicious transactions, including those linked to illegal activities. The company has collaborated with law enforcement, such as the U.S. Department of Justice, to combat misuse of its currency.
💰 The company's stablecoin, USDT, has achieved a sizable market valuation of 90 billion and stands out with high daily transactions, trading volumes, and settlements. Tether's proactive measures demonstrate its commitment to maintaining a secure and reliable stablecoin ecosystem.
🎉 In conclusion, Tether's new stablecoin-freezing policy reflects its dedication to upholding safety standards and preventing the misuse of its tokens. This move reinforces the company's position as a leader in the cryptocurrency market.
🪙Bitcoin (BTC) And Solana (SOL) Bulls Roar: Is The Crypto Market Ready For A Surge?
👉 The cryptocurrency markets remain resilient despite regulatory scrutiny. Both Bitcoin (BTC) and Solana (SOL) are showing different technical signals, but both have a positive overall trend.
💰Bitcoin continues to rise, but its upward trajectory remains volatile. Traders should pay close attention to key support and resistance levels to determine potential market sentiment shifts.
🌟 Solana continues its upward trajectory, but the market is balancing between bullish and bearish signals. Traders need to closely monitor these levels for potential price fluctuations.
➡️Support and resistance levels play a crucial role in determining short-term price swings in cryptocurrencies. It's important for traders to stay vigilant and adapt to potential market changes.
💵 The crypto market is showing signs of potential surge, and both Bitcoin and Solana are key players to watch. As always, it's essential for traders to conduct thorough analysis and stay informed about market developments.
🌟 In conclusion, the cryptocurrency market is poised for potential growth, and both Bitcoin and Solana are at the forefront of this trend. Traders should remain cautious and adaptable to navigate the evolving market landscape.
🚨 Report: Jump Trading Cuts Ties With Wormhole Amid Staff Reductions
⚠️ Recent developments indicate that Jump Trading and Wormhole have “parted ways,” as per a Bloomberg article quoting “people with knowledge of the matter.” The account further reveals that former Jump executives Saeed Badreg and Anthony Ramirez have allegedly departed to manage Wormhole independently.
🔽 Confidential informants, preferring anonymity, have disclosed that following this division, Jump’s workforce has been reduced to about 75 staffers, which is nearly half of what it was at its peak in 2022. In February 2022, Wormhole suffered a major breach and lost 120,000 ether from the exploit.
💵 Following the incident, Jump stepped in and replaced the $320 million worth of ether that was stolen. “All funds have been restored and Wormhole is back up,” the team said at the time. “We’re deeply grateful for your support and thank you for your patience. The team is working on a detailed incident report and will share it ASAP.”
💲 Based on data from dappradar, Wormhole has processed transactions totaling $230.48 million over a 30-day period, spanning seven distinct blockchains. Although unnamed informants have disclosed the information, Jump has yet to make a public statement on the issue.
💵 HSBC Launches Tokenization Platform for Gold Markets
🆕 HSBC, one of the world’s largest financial institutions, has started using tokenization technology to modernize the precious metals trading industry. The bank announced it is launching a gold tokenization platform to simplify the trading of gold, to allow traders to have better control of the bullion they own, according to statements from Mark Williamson, HSBC’s global head of FX and commodities partnerships and propositions.
🖥 The gold bars in the platform will be tokenized, and the owners will have the chance to track their bullion via the serial number and the vault where it is located, making finding these bars “quicker and less cumbersome,” Williamson said. Currently, such records are kept manually and are sometimes outdated, given the nature of the over-the-counter gold markets.
➡️ Williamson also stated that HSBC projects to use this system, which uses tokens representing 0.001 troy ounces of gold, for markets of other precious metals as well.
❕ Tether, the stablecoin company behind the issuance of USDT, also offers a gold token, XAUT. Nonetheless, what makes HSBC’s announcement significant is the sheer size of the bullion market that passes through its platforms, being one of the largest precious metals brokers in the world and also only one of four gold clearing institutions in the London market.
💵 JPMorgan Settles Transactions for $1 Billion Daily Using JPM Coin
➡️ JPMorgan has reported that jpm coin, the cryptocurrency created by the financial giant, is being used to settle $1 billion daily. According to statements from JPMorgan’s Global Head of Payments Takis Georgakopoulos, the bank plans to expand on jpm coin’s usage in the future, widening adoption.
❕ Announced in 2019 by JPMorgan and beginning to be used commercially in 2020, jpm coin is one of the few blockchain applications being used by banks to reach this level of adoption, even if the amount pales in comparison to the $10 trillion transacted using JPMorgan’s traditional banking solutions, according to Bloomberg.
👉 Georgakopoulos hinted at a possible application of deposit tokens for retail purposes. Deposit tokens, which JPMorgan considers an evolution of stablecoins, represent a claim on a deposit at a regulated financial institution, like a bank.
⚡️ JPMorgan announced its interest in deposit tokens in February, seeing promise in this tech and profiling it as another implementation for programmable money, explaining that such tokens “can become a strong foundation for digital money and an important part of a broader tokenized asset ecosystem.”
⚡️ NFT Sales Spike 12.62% Higher Than Last Week, Breaking Two-Month Downturn
👉 Following a persistent downturn in weekly sales over the past two months, this week witnessed a rebound in NFT sales. Approximately $70.51 million worth of NFT transactions were logged across almost two dozen blockchains. Ethereum reigned supreme in this week’s NFT trade volume with $36.96 million, marking a 16.09% escalation from the week before.
⚡️Ethereum’s NFT supremacy was trailed by Mythos, which recorded $9.54 million, a 5.61% uptick, and Solana, which posted $6.69 million, a sizable 25.31% jump. Immutable X ($4.99M) and Polygon ($3.86M) completed the top five, while Bitcoin ($2.99M) clinched the sixth spot in the NFT sales ranking this week.
⚡️The Bored Ape Yacht Club (BAYC) registered $4.31 million in sales, followed by Winds of Yawana, which raked in $3.57 million from NFT trades. Sorare took the fifth spot this week, with sales totaling $2.3 million. Over the seven-day period, roughly 1,602,001 NFT transactions were tracked, a 2.34% decrease from the previous week. The week’s highest-grossing NFT sale was Cryptopunk #9611, which fetched $250,556 two days ago. This sale was succeeded by a Cardano NFT named Cardanians Loyalty, which was purchased for $159,096.
⚡️ One of BNB’s Halmonious Realms NFTs was sold for $50,000 and an unclassified Ordinal inscription fetched $30,463. The fifth most expensive NFT sale this week was a Solana-based digital collectible, Mad Lads #6041, which was sold for $15,116. Despite the recent uptick in NFT sales, the continuance of this trend remains uncertain. Presently, a significant majority of today’s NFTs are valued at 90% less than their peak prices.
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🚨 Max Keiser's Bitcoin Warning: ETFs at Risk, $500K BTC and a Crash!
📉 Brace yourself for a potential 1987-style crash, says Max Keiser, the outspoken bitcoin advocate. But don't despair just yet, as he also predicts that the ultimate safe haven, Bitcoin, will soar past $500,000!
🏦 However, there's a twist. Keiser warns that the U.S. government might not be content with just watching from the sidelines. He suggests they could go after BTC ETFs and even "commandeer" domestic miners. It's a stark reminder to self-custody your precious digital assets.
🔒 Governments worldwide have a track record of seizing crypto, and the U.S. is no exception. From major fraud cases to criminal investigations, they've been on a confiscation spree. So, it's no surprise that Keiser raises an eyebrow at the safety of ETF-held bitcoin.
💼 On the flip side, spot bitcoin ETFs are enjoying their moment in the sun with record trading volumes. Industry leaders like Microstrategy's Michael Saylor hail Bitcoin as the new investment darling, while Coinbase takes charge of most approved ETFs.
📈 The buzz around ETFs and the upcoming Bitcoin halving has investors giddy with anticipation. Fundstrat's research head sees $150K on the horizon, while Robert Kiyosaki joins the chorus with his own $100K prediction by June.
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🔒 Former SEC Head Stark: No Green Light for Spot Bitcoin ETFs
🚫 Former SEC attorney John Reed Stark has poured cold water on hopes for Bitcoin spot ETFs, suggesting that the current SEC administration is unlikely to budge on its stance.
📜 Stark pointed to a letter from nonprofit group Better Markets, which highlighted concerns about the manipulation potential and centralization of the Bitcoin market.
⛔️ Since 2013, the SEC has consistently rejected Bitcoin ETF applications due to these worries, although it has given the nod to futures-based offerings.
🗳 Looking ahead, Stark speculated that a GOP-led administration post-2024 could bring a more crypto-friendly approach, potentially smoothing the path for spot ETF approvals and easing enforcement efforts.
🚨 AI Hype: CFTC Sounds Alarm on AI-Created Crypto Scams
🤖 The CFTC is waving a red flag at investors, cautioning them about the allure of AI-powered crypto trading algorithms that promise foolproof profits. It's not all sunshine and rainbows in the world of artificial intelligence.
🔍 The commission is concerned about the rise in crypto scams, where fraudsters exploit the excitement around AI to swindle unsuspecting users. Social media and influencers are fertile ground for spreading false promises.
📚 To stay safe, investors are advised to do their homework: research the company, dig into its trading history, and seek second opinions. Remember, there are no crystal balls – not even AI can predict the future accurately.
🗣 Melanie Devoe, Director of OCEO, sums it up: "Beware the AI hype!" Bad actors are always finding new ways to deceive investors, and AI is just another tool in their arsenal.
💡 The takeaway? Don't let the buzz blind you – be cautious, be informed, and don't fall for any guarantees that sound too good to be true. Your financial future deserves a smarter approach than blind faith in algorithms.
🗳 Crypto's Clout: A Game-Changer for the 2024 Presidential Election?
🔮 The Prophetic Insight: Former SEC official John Reed Stark has thrown a fascinating curveball into the political discourse, predicting that cryptocurrency could be the golden key to the 2024 US Presidential Election. Who would have thought that Bitcoin and its digital brethren might tip the scales in a candidate's favor?
👑 The Crypto Czar Strategy: Stark urges every presidential hopeful to seriously up their game by appointing a dedicated Crypto Czar. This role isn't just a fancy title; it's about engaging with the fervent crypto crowd, speaking their language, and making proclamations on crypto matters at every turn.
💰 Voting with Digital Wallets: Stark doesn't mince words by describing crypto as akin to a "mammoth Ponzi scheme", yet he can't overlook the undeniable passion and political heft of the crypto community. His take: the cryptoverse isn't just a market, it's a culture that could sway those one-issue voters.
🌐 The Global Masala: The ex-SEC chief paints the cryptoverse as a unique, antiestablishment movement, unparalleled in economic history. With deep pockets fueling the crypto-political engine to the tune of $78 million, including backing from crypto's big guns, candidates can't afford to ignore this political force.
🏆 The Trump Card in the Crypto Game: Data suggests that Donald Trump, a figure traditionally skeptical of crypto, might just pivot to a more crypto-friendly stance. With predictions of Bitcoin reaching new highs under a second Trump term, the stage is set for a potentially transformative impact on the crypto landscape and election outcomes.
📉 Crypto Winter Chills Market: ETFs and Stocks Take a Dive
🚀 Though ETPs celebrated a $7.65B run, Friday felt the cold as Bitcoin dropped 7% against the dollar.
📉 Coinbase saw shares slump by 7.35%, with Canaan trailing at an 8.92% loss. Even giants like Block and Microstrategy weren't spared, dipping 2% and 9.45%, respectively.
📊 New ETFs echoed the trend, with Bitwise and Fidelity each marking a 6.19% loss. Blackrock followed suit, down by 6.23%, while Valkyrie took a similar hit.
⛏ Mining majors were not immune, with Marathon plummeting 15.27% and Bit Digital falling 7.59%. The market's chill didn't spare Cleanspark, down 12.10%.
Despite a bleak day, zoom out and we're still in the green with yearly gains shining through!
🚀 Blast Off to Billion-Dollar Heights: L2 Protocol Sees Explosive Growth in Crypto Value
🎉 From Humble Beginnings to Billionaire Status
Initially boasting a modest $89.59 million TVL, Blast has skyrocketed to a whopping $1.135 billion. Now, it sits proudly as the 17th titan in the decentralized finance (defi) realm, rubbing shoulders with the likes of Juststables and Marinade Finance, as per recent figures from defillama.
🔍 A Blend of Innovation and Controversy
Famed for its native staking and yield-boosting strategies involving ether (ETH) and real-world assets, Blast is the brainchild of Pacman, creator of Blur NFT marketplace. Investments poured in from Paradigm and Standard Crypto, though not without some eyebrow raises on Blast's bold launch strategies and accusations of a Ponzi scheme - a claim Pacman vehemently denies.
💸 Unlocking the Potential of Locked Assets
Capital lock-in might sound like a blast from a restrictive past, but Blast appeases users with a steady 5% interest on their investments. What's more? They're stacking up points, redeemable for an upcoming digital currency. But patience is key—access to these funds is sealed off until February 2024.
🔗 Future's Bright with Competitive Spirits
Joseph Liu, the visionary behind Nftperp, sees Blast's integration of decentralized perpetual futures for NFTs via Blur as a move of a formidable rival. Nftperp, freshly fortified with $3 million in funds, is all geared up for the challenge.
🏆 Victory Lap on Social Media Platforms
Surfing the social media wave, Pacman shared a victorious message on platform X, celebrating the protocol's monumental success. "Incredibly excited to close out the year with this milestone," he exclaimed, embracing the shared success in Web3's communal spirit and the role of the end-users in the onchain economy. The anticipation for the new year is palpable!
🪙 Bitcoin L2 Solutions Witness Decline, Lackluster Demand Despite Surging Transaction Fees
📉The surge in ordinal inscriptions and record-high BTC miners' activity has led to a significant buildup of unconfirmed transactions.
📈 Fees escalated, crossing the $40 per transaction threshold as the mempool exceeded 300,000 unconfirmed transactions. Warnings about this high fee rate environment have been circulating for some time.
➡️The Lightning Network's capacity expanded modestly from 5,440 BTC to 5,540 BTC by November’s end. Yet, since November 25, 2023, about 350 BTC, valued at approximately $14.8 million, has exited the L2 network.
💰 In this environment of fluctuating high fees, those opting for the Lightning Network face onchain fees to access this L2 solution.
🔗 Blockstream’s L2 solution, Liquid, has seen a rise in capacity, with 199 BTC added since November, as stated on the firm’s website.
📉 Despite prior warnings, the community largely disregarded the signs, leading to an unexpected decline in the Lightning Network’s capacity. This trend starkly contrasts with the anticipated and favored increase, highlighting a disconnect between expectations and the evolving realities of the cryptocurrency landscape.
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🪙 JPMorgan: Spot Bitcoin ETFs Could Put 'Severe Downward Pressure on Bitcoin Prices'
📣 JPMorgan analyst Nikolaos Panigirtzoglou shared his predictions of the potential impact on the price of bitcoin from the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) in a Linkedin post on Friday.
➡️ While emphasizing his belief in the imminent approval of spot bitcoin ETFs by the SEC, he cautioned that client discussions are centered on the potential capital outflow from the Grayscale Bitcoin Trust (GBTC) as it transitions into a bitcoin ETF.
➡️ “The argument being that a significant amount of GBTC shares has been bought in the secondary market this year at deep discounts to NAV in anticipation of its conversion to ETF and these speculative investors would take profit once GBTC gets converted to an ETF and the discount to NAV gets arbitraged away,” Panigirtzoglou explained. “We estimate that around $2.7bn could come out of GBTC.” The JPMorgan predicted:
➡️ In terms of market impact, if this $2.7bn exits completely the bitcoin space then such an outflow would of course put severe downward pressure on bitcoin prices.
🗣️ “If instead most of this $2.7bn shifts into other bitcoin instruments such as the newly created spot bitcoin ETFs post SEC approval, which is our best guess, then any negative market impact would be more modest. Nevertheless, the balance of risks for bitcoin prices is skewed to the downside in our opinion as some of this $2.7bn is likely to completely exit the bitcoin space,” the analyst continued.
➡️ “Significantly more money than the above $2.7bn could exit GBTC if its fee (currently at 200bp) is not lowered sharply post ETF conversion towards our estimated range of the equilibrium fee of around 50-80bp,” he cautioned.
⚡️ Economist Peter Schiff: Complete Separation of US-China Economies Would Be ‘a Disaster for America’
➡️ Economist and gold bug Peter Schiff shared his thoughts on the U.S. economy and the dire consequences of the U.S. decoupling from China in several posts on social media platform X Friday.
⚡️ Commenting on the remarks by Treasury Secretary Janet Yellen stating that a “full separation” of the U.S. and China economies “would be economically disastrous” for both countries as well as for the world, Schiff argued:
📣 Janet Yellen is only half right. A complete separation of the Chinese and American economies would be a disaster for America, but a boon for China. Americans would be stuck with fewer goods and higher prices, while the Chinese would be rewarded with more goods and lower prices. We can’t make stuff, that’s the problem. All China has to do is consume what they make. That’s easy.
⚫️ This was not the first time Schiff sounded the alarm about the harmful effects of the U.S. decoupling from China. “We can’t afford to decouple because you have to recognize that China is both our biggest supplier and our biggest banker. The Chinese loan us the money to buy the stuff that they produce that we can’t, and our entire standard of living rests on the support of China,” the gold bug said in September.
➡️ Schiff also regularly warns about the collapse of the U.S. economy and the dollar. He also predicted a deep recession, an inflationary depression, and the collapse of the USD demand. In September, he warned of the biggest bond market crash and an “unprecedented” financial crisis.
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