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Warnings continue to pervade market and financial news this week, with Monica Crowley, former assistant secretary for public affairs for the US Treasury, indicating “catastrophic” consequences if the US dollar loses its status as the world’s reserve currency. In related news, billionaire Bill Ackman warned that the US economy is “heading for a train wreck.” Meanwhile, First Citizens Bank has acquired SVB, and the US government remains a top bitcoin holder with its seized stash. All this and more, right below.
Former Assistant Secretary for Public Affairs of the US Treasury Department Monica Crowley has warned of “catastrophic” consequences if the US dollar loses its status as the world’s reserve currency. “It would mean the end of the US dollar,” she said, predicting that “there would be a complete implosion of the global economic system.”
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Billionaire Bill Ackman has warned that the US economy is “heading for a train wreck” if the government allows the current banking crisis to continue. “Trust and trust are earned over many years but can be wiped out in a few days,” he said. “Hopefully our regulators will get this right.”
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As of March 25, 2023, the US government held 205,515 bitcoins worth $5.6 billion, which is about 1.06% of the circulating supply, according to current statistics. The cache of bitcoins is the result of three confiscations that began in 2020. Glassnode’s on-chain data reveals that on March 9, around 9,860 bitcoins worth approximately $269 million were sent to a Coinbase address.
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According to the Federal Deposit Insurance Corporation (FDIC), troubled Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens bought all deposits and loans from SVB, as well as the 17 branches that SVB owned across the United States.
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Where do you think the global economy is headed? Are the warnings of collapse exaggerated, underplayed, inaccurate or right on the money? Let us know in the comments section below.
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