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Andy Schectman, Block Size, brics, collapse, de-dollarization, Federal Reserve, inflation, interest rate, big banks, NFTs, ordinals, US economy
BRICS nations ‘unite against the dollar’, major banks predict more Fed hikes, Bitcoin registers large blocks as ordinals rise in currency – The Weekly Bitcoin News
Despite turbulence in traditional global finance, with BRICS nations said to be pushing for de-dollarization and major banks such as Bank of America and Goldman Sachs predicting further rate hikes by the US Federal Reserve, creativity in crypto has found a new boon in the form of controversial inscriptions, called Ordinals, on the Bitcoin blockchain. All this and more, just below, in the latest Bitcoin.com News Week in Review.
Expert predicts looming economic collapse as BRICS nations unite against the dollar
Andy Schectman, CEO of Miles Franklin Precious Metals Investments, explained in a recent interview that the five leading emerging economies — Brazil, Russia, India, China and South Africa, collectively known as the BRICS nations — are “uniting against the dollar.” Schectman believes that de-dollarization since 2022 “seems to spin much, much faster.”
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Bank of America, Goldman Sachs, JPMorgan, UBS stock predictions of further Fed rate hikes
Bank of America, Goldman Sachs, JPMorgan and UBS have shared their predictions that the Federal Reserve will raise interest rates further. Bank of America and Goldman Sachs, for example, now expect the Fed to raise interest rates three more times this year.
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Economists warn that the Fed cannot meet its inflation target without “crushing” the US economy
Economist Mohamed El-Erian, Allianz’s chief economic adviser and chairman of Gramercy Funds Management, has warned that the Federal Reserve cannot reach its 2% inflation target without crushing the US economy. “You need a higher stable inflation rate. Call it 3% to 4%,” suggested the economist.
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Bitcoin continues to record 3.75MB blocks as the order count increases
As Ordinal inscriptions approached the 150,000 mark, blocks larger than 3 MB have become common, with many blocks close to the 4 MB range. Meanwhile, after the average transaction fee on the chain surged 122% higher at the beginning of February 2023, the average fee has remained the same in recent weeks.
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What are your thoughts on this week’s hottest stories from Bitcoin.com News? Be sure to let us know in the comments section below.
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