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