Binance CEO Likens FTX Fiasco to 2008 Financial Crisis — Warns of ‘Cascading ...
Binance CEO Changpeng Zhao has compared the FTX collapse to the 2008 financial crisis. Warning of “cascading effects,” he stressed: “A lot of consumer confidence is shaken, and I think basically it sets us back a few years.” Binance’s CEO Discusses the Impact of FTX’s Collapse on the Crypto Industry The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), shared his thoughts on the potential impact that the collapse of FTX has on the crypto industry Friday at a conference in Indonesia. FTX filed for Chapter 11 bankruptcy Friday; Sam Bankman-Fried....
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The economist and gold bug Peter Schiff usually has a lot to say, and this past week Schiff explained during an interview that he believes the U.S. will face a financial crisis worse than 2008’s ‘Great Recession.’ Schiff explains that the U.S. has a lot more debt than it did back then, and insists America’s economic downturn “is going to be a much bigger crisis when the defaults start.”
Chief Market Strategist at Euro Pacific Asset Management Says the Decline in US Inflation ‘Is Only Temporary’
While Peter Schiff detailed....
The financial crisis of 2008 bankrupted the tiny country of Iceland, and a few years later a digital currency called Auroracoin was released to all residents as a way to change how they approached money. Many saw it as potentially becoming the first national digital currency, but it never reached its full potential. Now, renewed interest in Auroracoin is putting it back into the minds of those in the crypto world. The financial crisis of 2008 led us into what has been called “the Great Recession.” The crisis was felt worldwide, including by the small, but beautiful country of Iceland....
While crypto has been mostly weathered past hacks, scams, and crashes, acting OCC head Michael Hsu warns the risks may be multiplying as the technology goes mainstream. Acting head of the U.S. Office of the Comptroller of the Currency (OCC) Michael Hsu has warned that the exotic financial products developed in some quarters of crypto and DeFi were reminiscent of those that precipitated the 2008 Global Financial Crisis (GFC).Speaking before the Blockchain Association on Sept. 21, Hsu warned that “innovation for innovation’s sake [...] risks creating a mountain of fool’s good,” drawing....
Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned of “the mother of all crashes.” He further explained that the problem with cryptocurrency is the leverage. Michael Burry Warns of Mother of All Crashes Famous investor and founder of private investment firm Scion Asset Management, Michael Burry, shared his view last week about where he sees the markets heading. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The....
The financial crisis in 2008 served as a stark example for everybody about the volatility of the global economy. This month, we’ve had numerous other reminders as the US stock market experiences its worst ever start to any year ever. Quickly after the financial crisis, derivatives positions increased to new highs. Many of the behaviors that caused the financial crisis remain in place. In Iceland, representatives chose a different path. Iceland has 26 bankers over his role in the 2008 economic crash, which led to what some mainstream experts are now labeling a “recession-depression.” The....