Bitcoin stands to hit $1 million, says Arthur Hayes as Elon Musk slams the Fed's inflation policy.
The United States Federal Reserve has been “too heavy-handed” in taming inflation, said pro-Bitcoin Tesla and Twitter CEO Elon Musk.on March 29, Musk directly criticized U.S. macroeconomic policy, including “excess government spending.”Bitcoin and crypto markets remain extremely sensitive to Fed cues on interest rate policy.banks feel the pressureFor Musk, this is already a case of going too far — with banking crisis contagion spreading to Europe, the U.S.
In a response to a thread on dollar supremacy by Genevieve Roch-Decter, CEO of financial insights firm Grit Capital, Musk did not mince his words. “Serious issue,” he wrote about the greenback potentially losing its status as the world’s reserve currency.His words come as various countries enact a shift away from U.S. dollar trade, these focused on China, which has begun transacting in yuan with foreign partners.from Musk added that the problem was made worse by the Fed, “Combined with excess government spending, which forces other countries to absorb a significant part of our inflation.
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