Professor at “Wharton” University: Bitcoin will take over and the Federal Reserve must defend the dollar!
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Answer Professor at “Wharton” University: Bitcoin will take over and the Federal Reserve must defend the dollar!
Jeremy Siegel, a professor of finance at Wharton University, has warned that Bitcoin could take over if the dollar continues to lose value.
Jeremy Siegel stated:
The Fed needs to tighten interest rates quickly, especially with inflation rapidly spiraling out of control.
The central bank must protect the dollar from falling, and from the possible seizure of its position by Bitcoin.
Siegel: The dollar is at risk, and Bitcoin is its biggest threat
In a conversation with CNBC’s Squawk Box’s Rebecca Kwik Thursday, Siegel discussed Federal Reserve Chair Jerome Powell’s response to recent events.
Read:Bitcoin price drops to $36,000 and “IntoTheBlock” reveals long-term positive signs
Powell had signaled a rapid rate hike this month, but some questioned whether he would actually follow in light of Russia’s invasion of Ukraine last week.
Yesterday, Powell showed little interest in slowing rate hikes when he spoke to the House Financial Services Committee.
He noted that the situation in Ukraine could complicate the picture.
Commenting on this, he told Siegel he had doubts about the Fed’s commitment to tackling inflation.
He cited missed Fed calls and wildly wrong predictions about temporary inflation last year, which is more than ever today.
In fact, both Powell and Treasury Secretary Janet Yellen have now acknowledged that inflation is not as temporary as they have described it over the past year.
Meanwhile, European Central Bank President Christine Lagarde continues to stress that inflation will not affect Europe like the United States of America.
Despite the conflict with Russia, Siegel said the Fed needs to bite the bullet in monetary policy in order to catch up.
Otherwise, Bitcoin may pose a serious threat.
Tell the teacher that:
We have to defend the dollar here.
Read:Bitcoin falls below 28 thousand dollars and Ethereum below two thousand dollars with liquidation of more than 1.2 billion dollars
Talking about a bitcoin takeover…we have to defend the dollar.
Bitcoin is often called an inflation hedge, or digital gold, thanks to its fixed supply cap of 21 million blocks.
This makes it immune to devaluation by printing more of it, which has led some to claim that it will be the new global reserve currency.
Twitter founder Jack Dorsey is one such believer, having previously stated that the US dollar is ultimately doomed to hyperinflation.
Read:With the price of bitcoin rising… bitcoin fees reach monthly highs
US Senator Cynthia Loomis shared similar concerns in a speech last October, which she concluded by thanking God for the existence of bitcoin.
Others also agree, but are not enthusiastic about the idea.
Former senior politicians, including Donald Trump and Hillary Clinton, have sounded the alarm about the threats that bitcoin could pose to the dollar’s global supremacy.
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