Cryptocurrency Developments: Warnings of Debt Deflation, Shibarium Launch, & FTX Disputes
• Jeff Booth warned of a „great depression on steroids“ if the U.S. Federal Reserve keeps hiking interest rates.
• Brett Harrison, the former president of FTX US, shared his experience and relationship with CEO Sam Bankman-Fried in a detailed Twitter thread.
• The SHIB token has seen a rise against the U.S. dollar as the coin’s supporters anticipate the upcoming launch of Shibarium, a layer two scaling solution.
This past week saw a range of developments in the cryptocurrency space, with warnings of debt deflation, buzz about the upcoming launch of a layer two scaling solution, and the former president of FTX US sharing his experience and relationship with the company’s CEO.
First, the author of „The Price of Tomorrow,“ Jeff Booth, warned of a „great depression on steroids“ if the U.S. Federal Reserve keeps hiking interest rates. He believes that eventually the Fed „will be forced to pivot“ in order to avoid such a dire economic situation. Booth’s warning comes at a time when the Fed’s policies have already been criticized for their potential to increase inequality and weaken the global economy.
Second, the former president of FTX US, Brett Harrison, published a 49-part Twitter thread explaining why he left the firm and his relationship with co-founder Sam Bankman-Fried (SBF) of FTX. Harrison worked with SBF at Jane Street prior to joining FTX, and in the Twitter thread he detailed how his „relationship with Sam Bankman-Fried and his deputies had reached a point of total deterioration, after months of disputes over management practices at FTX.“ Harrison’s thread offered insight into the inner workings of the company, and shed light on the tensions between Harrison and Bankman-Fried.
Third, the meme token shiba inu has seen a rise against the U.S. dollar in recent days as the coin’s supporters anticipate the upcoming launch of Shibarium, a layer two scaling solution. This solution is designed to reduce the cost of transactions, and could potentially increase the liquidity of the SHIB token. The buzz about Shibarium has been the backdrop for dynamic price movements in shiba inu, and the token has seen a notable increase in price against the U.S. dollar over the past week.
Overall, this past week has seen a range of developments in the cryptocurrency space, from warnings of debt deflation to buzz about an upcoming layer two scaling solution. It remains to be seen how these developments will shape the future of the industry, but one thing is certain: the cryptocurrency space is an ever-evolving one, and there is no telling what the future may hold.