Amidst the current global banking turmoil, speculation and debate continue to spread across the world. Hedge fund manager Michael Burry has drawn parallels between the ongoing banking crisis and the Panic of 1907. Burry, who is renowned for predicting the 2008 financial crisis, noted that just three weeks after J.P. Morgan made a stand during the Panic of 1907, the markets bottomed. Burry also pointed out that a stand was made this past weekend, in reference to the current situation.
Meanwhile, Robert Kiyosaki, the author of best-selling book “Rich Dad Poor Dad”, has warned of a “crash landing ahead” as bailouts of the US economy begin. Kiyosaki recommends investing in bitcoin, as he believes more “fake money” will be injected into the “sick economy.”
In a related event, Credit Suisse has received a bailout of 50 billion Swiss francs ($54 billion) from the Swiss National Bank (SNB) following a significant drop in its shares’ value this week. This has led to fears about the global banking system, amidst concerns about the financial institution’s health.
In other news, Barney Frank, a former member of the US House of Representatives from Massachusetts and a leading co-sponsor of the 2010 Dodd-Frank Act, suspects that regulators meant to send an “anti-crypto message” in regards to the recent failure of Signature Bank. Frank, who serves as a Signature board member, explained that he was surprised by the financial institution’s demise.
The ongoing banking crisis has increased speculation that there may be an engineered anti-crypto agenda at play. As such, it remains important for investors in the crypto market to remain cautious and informed as they navigate the uncertain landscape.
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