Monday, 6 March 2023
by Berkeley Lovelace
Economist and gold enthusiast Peter Schiff has said that the U.S. Fed may have to fight a “complete economic collapse” and be faced with more to worry about than the current battle against inflation. In other news, artificial intelligence (AI) crypto assets have seen a recent surge, and SEC Chairman Gary Gensler has tossed in his two cents about why he views all crypto tokens other than bitcoin as securities. This and more, are just below in the latest Bitcoin.com News Week in Review.
Economist Peter Schiff has predicted that the U.S. Federal Reserve will ultimately throw in the towel on its inflation fight to confront “something it fears even more, which is a complete economic collapse, another financial crisis, or a sovereign debt crisis.” He stressed, “The months of declining inflation are in the review mirror,” emphasizing that now “we’re going to see accelerating inflation.”
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has detailed why he considers all crypto tokens other than bitcoin as securities. While acknowledging that crypto tokens may have different setups, he stressed that “at the core, these tokens are securities.”
A tokenized version of the digital real, the Brazilian central bank digital currency (CBDC), has passed a public blockchain pilot test successfully. The test, which was carried out by Mercado Bitcoin, a local exchange, using the Stellar network, shows that the digital real token can be used in public blockchains following all compliance rules set by Brazilian laws.
Following a brief downturn in mid-February 2023, artificial intelligence (AI) crypto assets have continued to see gains over the last 30 days. Currently, out of 74 listed AI-focused cryptocurrencies, the net value of all these tokens has risen to more than $4 billion, which accounts for 0.37% of the entire crypto economy’s value.
What are your thoughts on this week’s stories? Let us know in the comments section below.