While he doesn’t think it’s the most likely scenario, Goldman Sachs CEO Lloyd Blankfein says there’s a real risk of an overheating economy and the Federal Reserve raising rates quickly. His advice to the average American invested in the stock market: “I’d be planning for the contingency that this ends up being a worse time than people are thinking.”
Bitcoin is crushed, losing 38.10% of its value over a seven-day period. Ethereum and Ripple are crushed, too, losing 43.23% and 48.14% respectively over the same period — see table 1
The cryptocurrency bitcoin is “a combination of a bubble, a Ponzi scheme and an environmental disaster,” according to Agustin Carstens, the head of the Bank for International Settlements (BIS).
Ravi Menon: Economic possibilities of blockchain technology. Keynote address by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Global Blockchain Business Conference, Singapore, 9 October 2017
New cryptocurrencies are emerging almost daily, and many interested parties are wondering whether central banks should issue their own versions. But what might central bank cryptocurrencies (CBCCs) look like and would they be useful?