Former Treasury Official Issues Dire Warning, Bill Ackman Fears Economic ‘Train Wreck,’ US Gov. Remains Top BTC Holder, and More — Week in Review – The Weekly Bitcoin News

Warnings continue to pervade market and financial news this week, with Monica Crowley, former assistant secretary for public affairs for the U.S. Department of the Treasury, indicating “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. In related news, billionaire Bill Ackman warned that the U.S. economy is “heading for a train wreck.” Meanwhile, First Citizens Bank has acquired SVB, and the U.S. government remains a top bitcoin holder with its seized stash. All this and more, just below.

Former Treasury Official Warns of 'Complete Implosion of Global Economic System' if US Dollar Loses Reserve Currency Status

Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status

Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would be a complete implosion of the global economic system.”

Read More

Billionaire Bill Ackman on US Banking Crisis: 'I Fear We Are Heading for a Train Wreck'

Billionaire Bill Ackman on US Banking Crisis: ‘I Fear We Are Heading for a Train Wreck’

Billionaire Bill Ackman has warned that the U.S. economy is “heading for a train wreck” if the government allows the current banking crisis to continue. “Trust and confidence are earned over many years, but can be wiped out in a few days,” he said. “Hopefully, our regulators will get this right.”

Read More

US Government Remains a Top Bitcoin Holder With Seized Stash Valued at $5.6 Billion

As of March 25, 2023, the U.S. government held 205,515 bitcoins worth $5.6 billion, which is approximately 1.06% of the circulating supply, according to current statistics. The cache of bitcoins is a result of three forfeitures that began in 2020. Glassnode’s on-chain data reveals that on March 9, about 9,860 bitcoins worth roughly $269 million were sent to a Coinbase address.

Read More

First Citizens Bank Acquires Silicon Valley Bank, Costing FDIC Deposit Insurance Fund an Estimated $20B

According to the Federal Deposit Insurance Corporation (FDIC), the troubled bank Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens acquired all deposits and loans from SVB, as well as the 17 branches that SVB owned across the United States.

Read More

Where do you think the global economy is heading? Are the warnings of collapse overblown, underplayed, inaccurate, or right on the money? Let us know in the comments section below.

Bitcoin.com

Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: https://news.bitcoin.com/former-treasury-official-issues-dire-warning-bill-ackman-fears-economic-train-wreck-us-gov-remains-top-btc-holder-and-more-week-in-review/