Wharton Professor Urges the Fed to ‘Bite the Bullet’ and Defend the US Dollar — Warns About Bitcoin Taking Over

A concern prof astatine the Wharton School of the University of Pennsylvania has warned of “bitcoin taking over.” He added that the Fed “has been terribly incorrect implicit the past year” astir ostentation and indispensable present enactment to support the U.S. dollar.

Finance Professor Urges the Fed to Take Action to Defend the U.S. Dollar

Wharton’s concern prof Jeremy Siegel shared his presumption connected inflation, “bitcoin taking over,” and the request for the Federal Reserve to support the U.S. dollar successful an interrogation with CNBC Friday.

Siegel is Russell E. Palmer Professor Emeritus of Finance astatine Wharton School, University of Pennsylvania. His probe focuses connected demographics, fiscal markets, long-run plus returns, and macroeconomics.

Commenting connected Federal Reserve Chairman Jerome Powell indicating past week that the archetypal complaint hike volition beryllium successful March and volition apt beryllium 25 ground points, Siegel criticized that the Fed is already down and should beryllium making a much assertive move.

“They’re going to person to bash overmuch much than that … I’m really disappointed that Chairman Powell did not look astatine the past that this is not a clip for america to dilatory down,” the Wharton concern prof stressed, elaborating:

The Fed has been terribly incorrect implicit the past year. I mean, each this impermanent inflation. Look astatine the extortion they did for ostentation past twelvemonth — truthful mode beneath what really happened each the mode to December.

He said past week that it would beryllium a “big argumentation mistake” for the Fed to dilatory down involvement complaint hikes due to the fact that of the concern successful Ukraine.

While stating that “Jay Powell is simply a precise bully man” and “a bully communicator,” Professor Siegel stressed: “The Fed has been precise incorrect and they are going to person to drawback up and they truly person to admit they’ve got to wound the slug here.”

Regarding bitcoin, helium urged the Federal Reserve to instrumentality enactment to support the U.S. dollar, emphasizing:

We speech astir bitcoin taking over. We’ve got to support the dollar.

The prof has been noting the emergence successful popularity of bitcoin for rather immoderate time. In January, helium said that BTC has replaced golden arsenic an ostentation hedge for millennials.

He besides warned that the Federal Reserve is “so acold down the curve that we person a batch of ostentation that is embedded in,” predicting that “The Fed is going to person to hike galore much times than what the marketplace expects.”

What bash you deliberation astir Professor Siegel’s comments? Let america cognize successful the comments conception below.

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