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Twitter CEO Elon Musk has shared what he calls a “massive incentive” to get money out of bank accounts, noting “bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail.'” Personal trainer For his part, economist and author Dave Ramsey believes that the fear of de-dollarization is exaggerated. In crypto news, Bitcoin’s network problems began to ease this week. All this and more right below, in the latest Bitcoin.com News Week in Review.
Tesla and Twitter CEO Elon Musk have shared a “massive incentive” to move money out of bank accounts, citing a significant interest rate gap created by the US Treasury and Federal Reserve. “As more people and companies realize this, bank depositor flight will accelerate to extreme levels, even for ‘too big to fail’ banks,” Musk warned.
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Personal finance expert and best-selling author Dave Ramsey has dismissed concerns about de-dollarization and the prospect of a BRICS currency, the Chinese yuan or the Russian ruble displacing the US dollar in international trade. “They don’t have the muscle to take down the dollar,” he stressed.
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The U.S. Federal Reserve has revealed that 722 banks reported unrealized losses that exceeded 50% of their capital at the end of the third quarter of 2022. “Rising interest rates are creating significant unrealized losses in investment securities and in some cases depressing tangible equity,” according to the Fed’s Department of Supervision and regulation.
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On May 7, 2023, the Bitcoin network was plagued with a staggering 500,000 unconfirmed transactions, causing a major bottleneck in the system. However, the good news is that congestion has eased, resulting in a significant reduction in onchain fees.
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What’s your take on this week’s stories? Be sure to let us know in the comments section below.
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