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.”
In case you have not been paying attention, Bitcoin is hot and (mostly) everybody wants a piece of the action.
Buy Bitcoin and you will see returns unheard of on Wall Street, or so the narrative has gone thus far. But for those looking to hop onto Bitcoin Mania at this stage in the game, they will discover that the price of many virtual currencies are no longer the bargain they once were.
And, according to a new LendEDU poll, some Bitcoin investors are leveraging their own finances in order to get some skin in the game.
LendEDU polled 672 active Bitcoin investors and discovered that many of them are purchasing the crypto currency in an incredibly risk manner: incurring credit card debt.
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).
Transactions with bitcoin and other cryptocurrencies are no longer available for 8 million credit card users of Lloyds Banking Group, which unites Lloyds Bank, Bank of Scotland, Halifax and MBNA.
Banking group fears cryptocurrency’s plunging value could leave it with huge debt