Jim Cramer, the host of CNBC’s Mad Money show, has endorsed ethereum and spot ether exchange-traded funds (ETFs), highlighting the cryptocurrency as a “great store of value” amid concerns over the U.S. dollar due to federal budget deficits. “I have ether because it’s a great store of value,” he affirmed. Jim Cramer on Ethereum and […]
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‘Big Short’ Investor Calls Crypto One of the ‘Great Themes of Our Time,’ But He’s Not a Believer
In a recent interview on Bloomberg Television, Steve Eisman of Neuberger Berman, who gained prominence from “The Big Short,” shared insights on the impending U.S. election and his investment strategies. Eisman identified three significant current themes, including cryptocurrency, about which he expressed skepticism. Steve Eisman’s Take: Trump’s Re-Election and the So-Called Crypto Conundrum Steve Eisman, […]
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Bitwise: Bitcoin Will Have ‘a Great Next 12 Months’
Bitwise Asset Management expects bitcoin to have a great next 12 months. A Bitwise researcher has explained that the cryptocurrency will likely continue to test its “higher highs” this year and next. He considers regulatory risk to be the primary concern for bitcoin. ‘I Think We’re Just Getting Started’ Bitwise Asset Management has reaffirmed its […]
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Crypto.com CEO: Bitcoin Price Dip Likely After Halving but ‘Great Performance’ Within 6 Months
The chief executive of Crypto.com has warned of some selling coming up as we approach the Bitcoin halving, citing the “buy the rumor, sell the news” strategy. Noting that what’s happening in the bitcoin market currently resembles previous cycles, he stressed: “I personally expect great performance within the next six months.” ‘There May Be Some […]
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Bitcoin.org Owner Cobra Predicts Next Bitcoin ‘Great Divide’
Cobra, the pseudonymous owner and operator of Bitcoin.org, has predicted the next divide that will plague the Bitcoin ecosystem in the coming times. Cobra explained in social media that this conflict will face ossificationists (people that want Bitcoin to stay as it is), and improvers, who want Bitcoin to improve its focus and functionality. Cobra […]
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Mark Cuban: Bitcoin Demand to Outpace Supply, BTC Is a Great Store of Value
Billionaire investor Mark Cuban, a minority owner of the National Basketball Association (NBA) team Dallas Mavericks, expects the price of bitcoin to go up due to the supply-demand dynamic. “I do feel that the demand is going to exceed the number of people selling,” he explained, adding that bitcoin is “a great store of value.” […]
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Donald Trump Warns of Stock Market Crash and Great Depression if He Doesn’t Win Presidential Election
Former U.S. President Donald Trump has warned that the U.S. could face a stock market crash worse than that of 1929 and a Great Depression if he doesn’t win the upcoming presidential election. He stressed that the U.S. economy is “terrible” and inflation over the past three years “has totally destroyed the buying power of the consumer.”
Trump’s Market Crash and Depression Warnings
Donald Trump, the 45th President of the United States, has sounded the alarm regarding the U.S. economy if he doesn’t win the presidential election this year.
The former U.S. president posted on his social media platform Truth Social on Friday: “The economy is terrible & inflation, which by some accounts is more than 30% over the last three years, has totally destroyed the buying power of the consumer. The only thing that is keeping the economy ‘alive’ is the fumes of what we accomplished during the Trump administration.”
Trump added: “The stock market is only high because people, & institutions, believe & expect me to win the presidential election of 2024.” He warned:
If I don’t win, it is my prediction that we will have a stock market ‘crash’ worse than that of 1929 — a Great Depression.
Official Bureau of Labor Statistics (BLS) data show a 17% price increase since President Joe Biden took office. However, an alternative inflation measure, applying the same methodology used in the 1980s, estimates this figure to be roughly double, exceeding 30%.
Trump’s path to the 2024 Republican nomination faces roadblocks, with ongoing legal battles. He is presently barred from the primary ballot in Colorado and Maine. The Supreme Court is expected to rule whether states have the authority to prevent from running for president.
This isn’t Trump’s first warning about economic calamity if he loses the 2024 presidential election. In July, he predicted an economic depression. In April, he fretted over a crashing U.S. dollar and our proximity to World War III. He also stressed that the U.S. is losing the currency war against China, noting that the Chinese government is attempting to dethrone the USD as the world’s dominant currency.
Meanwhile, some have predicted that Trump’s presidential victory would send bitcoin soaring. Asset manager Vaneck, for instance, anticipates an all-time high for BTC after Trump wins the election. John Reed Stark, former internet enforcement chief at the U.S. Securities and Exchange Commission (SEC), even suggested that Trump may change his anti-crypto stance dramatically. In addition, the former U.S. president recently launched his third non-fungible token (NFT) collection and reportedly sold millions of dollars in ether (ETH) he received from NFT sales.
What do you think about former U.S. President Donald Trump’s warnings? Let us know in the comments section below.
Economist Harry Dent’s Grim Prediction — 2024 Market Crash to Eclipse Great Depression
In a recent interview with Fox News, renowned economist Harry Dent issued a dire prediction for the global economy, forecasting 2024 to be the year of the most significant financial crash in living memory. Citing a combination of overvalued markets, excessive stimulus spending, and artificial inflation of asset prices, Dent’s analysis paints a grim picture of the near future. With his reputation for contrarian yet often accurate forecasts, Dent’s warnings carry weight in financial circles.
Harry Dent Anticipates Severe Financial Turmoil in 2024
Harry Dent, known for his unconventional yet insightful market analyses, told Fox News that the current economic situation is “100% artificial,” driven by unprecedented levels of money printing and deficit spending amounting to trillion over 15 years. This artificial inflation of the economy, according to Dent, sets the stage for a dangerous and inevitable downturn.
Amidst this backdrop, the U.S. economy in late 2023 displays a juxtaposition of growth and uncertainty. Yet, looming concerns persist, as unemployment rates may rise due to the Federal Reserve’s persistent interest rate hikes. This economic landscape sets a complex stage for 2024, with expert forecasts ranging from continued expansion to potential recession.
The yield curve spread between 10-year and 3-month Treasury rates suggests a 61% chance of a recession within the next year. The core of Dent’s argument revolves around what he terms the “everything bubble,” a phenomenon he asserts began in late 2021, post-COVID-19 pandemic.
Unlike previous market bubbles, which were typically confined to certain sectors, Dent believes this bubble encompasses nearly all asset classes, making its potential burst far more devastating. Dent’s analysis points to the real estate and stock markets as prime examples of this overvaluation. He warns against complacency, advising that the impending crash will not be a mere correction but a catastrophic fall mirroring the Great Depression levels.
He predicts an 86% crash in the S&P and a 92% crash in the Nasdaq, with even greater losses in the crypto economy. “This is going to hurt the rich a lot more than the average person. The average person is going to lose their job for six months to two years. The average rich person is going to lose 50% to 80% of their lifetime accumulated net worth,” Dent told the news outlet.
Dent added:
They’re going to see the biggest comedown to reality. And then the next stage of the boom is the millennial boom, which will not be as long as the baby boom, but it’ll go into 2037 before we slow down again. That boom will be less rich-get-richer, it will be more the middle class catching up again.
Challenging the optimistic outlook of many investors and analysts, Dent criticizes the recent market rally, including the Dow Jones Industrial Average’s record highs. He views these as temporary and misleading, encouraging investors to “get out of the way” of the impending financial storm.
The Federal Reserve’s recent hints at ending its campaign against inflation and the possibility of rate cuts, according to Dent, will not prevent the looming crisis. He argues that the central bank’s efforts are too little too late, predicting a shift from disinflation to deflation, a scenario not seen since the 1930s.
Dent continued:
If I’m right, it is going to be the biggest crash of our lifetime, most of it happening in 2024.
A significant concern raised by Dent is the potential for a protracted economic slowdown following the burst of the “everything bubble.” He cautions that this could last for 12 to 14 years, exacerbating the wealth gap in America. Dent concludes with a somewhat optimistic note for the long term, predicting a recovery led by the millennial generation.
The economist forecasts a new boom period, less characterized by the rich getting richer, but more by the middle class regaining ground. This new phase, according to Dent, could extend until around 2037, offering a glimmer of hope after a period of intense economic turmoil.
What do you think about Harry Dent’s prediction concerning 2024? Share your thoughts and opinions about this subject in the comments section below.
Bankman-Fried Takes the Stand With a Great Focus on Relying on Counsel and Legal Advice
The former FTX CEO Sam Bankman-Fried testified Thursday without jurors present. Bankman-Fried was questioned by his attorney, Mark Cohen, before the judge. He described FTX senior staff using encrypted messaging, discussed obtaining Alameda’s bank account, and talked about business operations with former general counsel members. Much of the focus was on FTX’s former lawyers and the firm’s terms of service.
FTX’s Former CEO Highlights Reliance on Lawyers During Court Appearance
Sam Bankman-Fried (SBF) took the stand on October 26, 2023, and was questioned by his lawyer, Mark Cohen. Matthew Russell Lee of Inner City Press broadcast the courtroom account on social media platform X. Bankman-Fried’s account of the situation follows his recent interactions with fellow coworkers Caroline Ellison, Nishad Singh, and Gary Wang.
SBF discussed using encrypted messaging apps, third-party hacks, leaning on lawyers for legal guidance, and interacting with regulators in the Bahamas. SBF confirmed FTX used Telegram, Slack, and the auto-deleting app Signal for communications. He said encryption was important because FTX third parties had been hacked, though never the core systems. He justified using Signal by saying it was mostly used for informal chatter, not for major decisions.
“Those were not channels for decisions,” the former FTX boss insisted.
Regarding former FTX lawyers, SBF said he signed papers to set up FTX’s bank account per an attorney’s alleged instructions and took comfort structuring loans based on guidance from his lawyers and law firm Fenwick & West. He also claimed the FTX terms of service and other key documents were prepared by Dan Friedberg and Fenwick & West.
On regulators, SBF described an intense visit from Bahamian police who took his passport. This occurred after a meeting with Bahamas regulators which SBF attended with his father and FTX executives. “Gary Wang was in the building but not in the meeting,” SBF disclosed. Reportedly, there were plans to move key assets following the exchange’s hack.
SBF also discussed his start in crypto in 2017, and the use of omnibus wallets based on tracking exchanges. SBF continued to lean on citing his lawyers and their advice as a defense in his testimony. When asked by Cohen if he believed that “taking FTX deposits through Alameda was legal,” the FTX co-founder replied, “I did.”
There was a heavy focus from both the former FTX boss and Cohen with the repeated mentioning that he relied on counsel and legal advice. Following Cohen’s questions the court took a break and U.S. prosecutors plan to convene later and further cross-examine SBF on Friday.
What do you think about the first part of Bankman-Fried’s testimony? Share your thoughts and opinions about this subject in the comments section below.
Great Awakenings — Dormant 2012 Bitcoin Wallet’s $5.7M Spend Linked to October’s Initial 2012 Transfer
On October 19, 2023, a dormant bitcoin address from 2012 sprang to life at block height 812,946, moving 200 BTC worth .74 million for the first time in nearly 11 years. This activity coincides with a recent surge of transfers from 2012 addresses, which began in early September.
October Witnesses Several Connected 2012 ‘Sleeping Bitcoin’ Spends
On Thursday, another 2012 dormant bitcoin address was activated, transferring 200 BTC valued at .74 million. The address “1DabG” originated on November 1, 2012, when BTC was priced at .20 per unit, meaning the wallet’s initial value was ,240.
Btcparser.com first noticed the transaction, which garnered a low privacy rating from Blockchair’s privacy tool. The 2012 transaction received an 11 out of 100, flagging three vulnerabilities: matched addresses, co-spending, and round values. To date, seven 2012 transactions have been recorded in October.
Last month saw a total of 19 transfers from 2012. The most recent 2012 transaction this month occurred on October 12, 2023, relocating 110 BTC. The address “1AVeQ,” originating on January 31, 2012, moved 100 BTC at block height 811,900. Soon after, the “1Agnu” address, established on September 30, 2012, executed a 10 BTC transfer at block height 812,168.
Before these transactions, notable 2012 transfers happened on October 9, and an unusual batch of 2014 transfers took place three days earlier. On October 6, 86 wallets from 2014 relocated 860 BTC, totaling million, across various block heights. The 200 BTC shifted on Thursday was dispatched to the address “1NaoX“, which now possesses 404 BTC, equivalent to .62 million.
The mysterious address, 1NaoX, is distinct, having held 1,116 BTC over its existence and transferring 712 bitcoin. This address also received the first 2012 transfer of the month on October 6, 2023. That specific transaction moved 200 BTC from a 2012 address created on October 26, 2012, with that specific BTC now also located in 1NaoX. This means that several of October’s enigmatic 2012 transactions stemmed from the same owner.
What do you think about the 2012 bitcoin address waking up after all these years? Why do you think old holders are moving coins right now? Share your thoughts and opinions about this subject in the comments section below.