Bitcoin News and Finance
Wharton Professor Urges the Fed to ‘Bite the Bullet’ and Defend the US Dollar — Warns About Bitcoin Taking Over Skip to main content

Wharton Professor Urges the Fed to ‘Bite the Bullet’ and Defend the US Dollar — Warns About Bitcoin Taking Over

Wharton Professor Says the Fed Has Been Very Wrong on Inflation, Warns About Bitcoin Taking Over

A finance professor at the Wharton School of the University of Pennsylvania has warned of “bitcoin taking over.” He added that the Fed “has been terribly wrong over the last year” about inflation and must now act to defend the U.S. dollar.

Finance Professor Urges the Fed to Take Action to Defend the U.S. Dollar

Wharton’s finance professor Jeremy Siegel shared his view on inflation, “bitcoin taking over,” and the need for the Federal Reserve to defend the U.S. dollar in an interview with CNBC Friday.

Siegel is Russell E. Palmer Professor Emeritus of Finance at Wharton School, University of Pennsylvania. His research focuses on demographics, financial markets, long-run asset returns, and macroeconomics.

Commenting on Federal Reserve Chairman Jerome Powell indicating last week that the first rate hike will be in March and will likely be 25 basis points, Siegel criticized that the Fed is already behind and should be making a more aggressive move.

“They’re going to have to do much more than that … I’m actually disappointed that Chairman Powell did not look at the history that this is not a time for us to slow down,” the Wharton finance professor stressed, elaborating:

The Fed has been terribly wrong over the last year. I mean, all this temporary inflation. Look at the protection they did for inflation last year — so way below what actually happened all the way to December.

He said last week that it would be a “big policy mistake” for the Fed to slow down interest rate hikes because of the situation in Ukraine.

While stating that “Jay Powell is a very good man” and “a good communicator,” Professor Siegel stressed: “The Fed has been very wrong and they are going to have to catch up and they really have to admit they’ve got to bite the bullet here.”

Regarding bitcoin, he urged the Federal Reserve to take action to defend the U.S. dollar, emphasizing:

We talk about bitcoin taking over. We’ve got to defend the dollar.

The professor has been noting the rise in popularity of bitcoin for quite some time. In January, he said that BTC has replaced gold as an inflation hedge for millennials.

He also warned that the Federal Reserve is “so far behind the curve that we have a lot of inflation that is embedded in,” predicting that “The Fed is going to have to hike many more times than what the market expects.”

What do you think about Professor Siegel’s comments? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory