Berkshire Hathaway's Charlie Munger says most crypto is going to zero, while a Jefferies analyst says bitcoin is actually set to thrive in the case of a dollar collapse. Meanwhile, American economist Jeffrey Sachs says central bank digital currencies (CBDCs) are the real money of the near future. Get caught up on all this as well as the latest updates from the Sam Bankman-Fried trial just below, in the Bitcoin.com News Week in Review.
Analyst Warns of US Dollar Collapse, Predicts Bitcoin Owners to Benefit
Global financial services firm Jefferies has warned of "the collapse of the U.S.-dollar paper standard to the benefit of both gold bullion owners and also owners of bitcoin." An analyst from the firm explained that the Federal Reserve, and other G7 central banks, "will not be able to exit from unconventional monetary policy in a benign manner and will ultimately remain committed to ongoing central bank balance-sheet expansion in one form or another."
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Berkshire Vice Chair Charlie Munger Warns Most Crypto Investments Will Go to Zero
Warren Buffett's right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has expressed his belief that the majority of cryptocurrency investments will become worthless. Regarding bitcoin, the executive opined: "That was the stupidest investment I ever saw."
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American Economist Jeffrey Sachs Heralds End of Dollar Hegemony: 'Central Bank Digital Currencies Will Become the Basis of Payments'
Jeffrey Sachs, an American economist and best-selling author, has stated that the end of the dollar's hegemony is near and that central bank digital currencies (CBDCs) will become the basis of cross-border settlements. For Sachs, the abuse of the U.S. dollar as a geopolitical weapon is one of the factors that will contribute to its demise in the coming decade.
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Inside Caroline Ellison's Explosive Testimony — Former Alameda CEO Accuses SBF of Directing Fraud at FTX
In bombshell testimony on Tuesday, Caroline Ellison, former CEO of Alameda Research, accused Sam Bankman-Fried of directing herself and others to commit fraud under his leadership at FTX and Alameda. Taking the stand in a red dress, Ellison stated "Alameda took several billions of dollars from FTX customers and used it for investments."
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Do you think bitcoin will thrive if the USD collapses? Will CBDCs bring anything other than more invasive financial surveillance? Let us know your thoughts in the comments below.
Source: Bitcoin.com
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