Elon Musk is pushing bitcoin and other digital currencies in the midst of the U.S. banking crisis and recently posted a tweet in which he makes fun of criminal-in-chief Joe Biden. Elon Musk Takes Issue with Biden Not long ago, the phony president of the United States issued comments on social media talking about his administration’s climate change achievements. This is the first sign that something is wrong. The banks are failing, the economy is in shambles, people are still left behind in Afghanistan, and you want to be talking about how you’ve lowered carbon emissions by half a point or something? This is downright ridiculous, and Tesla’s Elon Musk was one of the first to notice. In a response to Biden, Musk wrote the following: The banks are melting. For all that
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Elon Musk is pushing bitcoin and other digital currencies in the midst of the U.S. banking crisis and recently posted a tweet in which he makes fun of criminal-in-chief Joe Biden.
Elon Musk Takes Issue with Biden
Not long ago, the phony president of the United States issued comments on social media talking about his administration’s climate change achievements. This is the first sign that something is wrong. The banks are failing, the economy is in shambles, people are still left behind in Afghanistan, and you want to be talking about how you’ve lowered carbon emissions by half a point or something? This is downright ridiculous, and Tesla’s Elon Musk was one of the first to notice.
In a response to Biden, Musk wrote the following:
The banks are melting.
For all that Biden has allegedly done to prevent glaciers from dying, he hasn’t implemented the same tactics for financial institutions, it seems. At the time of writing, several U.S. and European financial firms – like Silvergate, Signature, and Silicon Valley – have crashed and burned, and others were on the brink of collapsing (such as Credit Suisse) before being saved by other institutions at the last minute.
The situation is also not being helped by the Federal Reserve. Not long ago, Jerome Powell – aka the “Fed head” – announced that interest rate hikes were again in order. Another 0.25 basis points were added to America’s already expanding interest rates. Any economist – or general member of the public – could tell these morons that THIS WAS NOT THE TIME for another rate hike. When banks are crashing left and right, at the very least, you leave things the way they are.
Jerome Powell has commented that the U.S. is not out of the woods yet when it comes to inflation, and thus interest rate hikes are still probable throughout 2023. Still, Ilya Volkov – chief executive of Swiss-based international fintech platform You Hodler – commented that the situation could be worse, stating:
After the collapse of Silvergate, Silicon Valley Bank and Signature Bank, the Fed reduced its aggressive rhetoric, which was a positive signal for financial markets despite the sharp drops in bank stocks. The positive impact is also clearly seen in the bond market. The yield spread between two-year and ten-year U.S. treasuries, the main indicators for financial professionals, significantly decreased lately. So, a future 25 basis point increase by the Fed is already in the price.
Bitcoin Is Staying Strong
The good news is that bitcoin and other forms of crypto appear to be weathering the storm. BTC is still trading for over $28,000, meaning it has shot up 70 percent from where it was at the end of 2022.
This is a good sign that the currency has managed to mature somewhat and push beyond the issues of the previous year.