Monday, May 29, 2023

Elon Musk, the CEO of Twitter, suggested a great way to take money out of banks. He warned that people will start withdrawing their money from banks quickly, especially from big ones. Dave Ramsey disagrees and believes that this fear is too exaggerated. Furthermore, Bitcoin’s network problem started to become better this week according to CryptokenTop News Week in Review.

Elon Musk Suggests Moving Money Out of Banks–What Does This Mean for Bigger Financial Institutions?

Tesla and Twitter CEO Elon Musk has suggested that everyone should move their money out of banks because the U.S. Treasury and the Federal Reserve are offering a lot more interest than banks are giving. He also said that if people keep on realizing this, then even larger banks won’t be able to stop the huge number of people withdrawing their money.

Dave Ramsey

Dave Ramsey, a famous finance expert and author, says that it’s unlikely for the U.S. dollar to get replaced by other currencies like the Chinese yuan or Russian ruble in international trading. He states that those currencies don’t have enough power to challenge the U.S. dollar.

“722 Banks Suffer as Interest Rates Rise”

The U.S. Federal Reserve just announced that 722 banks have suffered big losses at the end of the third quarter of 2022. They said that rising interest rates result in a lot of money being gone, which sadly makes it hard for these banks to stay open.

Bitcoin Network Crisis Averted

On May 7, 2023, a really big problem happened on the Bitcoin network. There were 500,000 transactions waiting to be processed and this caused everything to slow down. Luckily, this issue is getting better and people are paying less for the transactions again.

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