Musk on ‘Massive Incentive’ to Get Money Out of Banks, Dave Ramsey Dismisses De-Dollarization Fears, BTC Network Congestion Eases, and More — Week in Review
Twitter CEO Elon Musk has shared what he calls a “massive incentive” to get money out of bank accounts, noting “bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail.’” Persona...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Twitter CEO Elon Musk has shared what he calls a “massive incentive” to get money out of bank accounts, noting “bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail.’” Personal finance coach and author Dave Ramsey, for his part, thinks that de-dollarization fears are overblown. In crypto news, Bitcoin’s network congestion issues began to ease this week. All this and more just below, in the latest Bitcoin.com News Week in Review.
Elon Musk Shares ‘Massive Incentive to Move Money out of Bank Accounts’Tesla and Twitter CEO Elon Musk has shared a “massive incentive” to move money out of bank accounts, citing a significant interest rate gap created by the U.S. Treasury and the Federal Reserve. “As more people & companies realize this, bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail,’” Musk warned.
Dave Ramsey Dismisses De-Dollarization Concerns — Says BRICS Currency, Chinese Yuan Can’t Take Down US DollarPersonal finance expert and best-selling author Dave Ramsey has dismissed de-dollarization concerns and the prospects of a BRICS currency, the Chinese yuan, or the Russian ruble displacing the U.S. dollar in international trade. “They don’t have the muscle to take down the dollar,” he stressed.
Fed Reveals 722 Banks Reported Unrealized Losses Over 50% of Capital as Concerns Over US Banking Crisis Grow
The U.S. Federal Reserve has revealed that 722 banks reported unrealized losses exceeding 50% of their capital at the end of the third quarter of 2022. “Rising interest rates are creating significant unrealized losses in investment securities and in some cases depressing tangible equity,” according to the Fed’s Division of Supervision and Regulation.
Bitcoin Network Starts to Clear Congestion, Onchain Fees Drop by 90%On May 7, 2023, the Bitcoin network was plagued with an overwhelming 500,000 unconfirmed transactions, causing a major bottleneck in the system. However, the good news is that the congestion has been clearing, resulting in a significant reduction in onchain fees.
What are your views on this week’s stories? Be sure to let us know in the comments section below.
Why this matters
This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
UK Banks Flooded With Crypto User Complaints, Led by Lloyds and Barclays
Evidence of banks restricting services for crypto asset users keeps piling up on both sides of the Atlantic. A new report highligh...
Quantum-Safe Blockchain Design Could Cut Fees and Network Bloat
Upgrading blockchains to post-quantum cryptography typically causes severe network congestion, high gas fees, and state bloat due...
Securitize Cuts Out Stablecoin Middlemen in Deal With Anchorage Digital Bank
Securitize now creates and redeems stablecoins directly with Anchorage Digital Bank, N.A., the two companies announced on Tuesday....
Tether backs Bolivian fintech bringing USDT payments to food delivery and banking
The investment will support Peso’s expansion across four Latin American markets, where it connects stablecoin payments to merchant...
American Bankers Association accuses OCC of undermining Congress with final stablecoin rewards rule
The fight between banks and crypto has reignited after a top banking regulator declined to weigh in on third-party stablecoin rewa...
Rent a car, launder crypto: Italian police bust $76M mafia scheme
Italian police have busted a mafia-linked crypto laundering ring that moved €68 million ($76 million) out of the country under the...