This week, both Lloyd Blankfein of Goldman Sachs and Tesla CEO Elon Musk made sobering assessments of an impending recession in the United States. After Terra’s epic implosion, the issue is all the more critical, but LUNA-tattooed Galaxy Digital CEO Mike Novogratz still believes the “crypto revolution will last.” This is the Bitcoin.com News Week in review.
Goldman Sachs’ Blankfein advises businesses and consumers to prepare for US recession – says it’s a ‘very, very high risk’
Lloyd Blankfein, a former Goldman Sachs CEO who is now the company’s senior chairman, has warned of an impending US recession. Blankfein says businesses and consumers should prepare for this, stressing that it is a “very, very high risk”.
Elon Musk: US economy likely in recession that could last 18 months – warns it ‘will get worse’
Tesla and Spacex CEO Elon Musk says the US economy is likely in recession and could be “busy hard” for 12 to 18 months. He added: “The honest reason for inflation is that the government printed a billion more money than it had.”
Onchain analysis report states that Terra’s bitcoin reserves were sent to Binance and Gemini
Following the collapse of Terra’s once-stablecoin terrausd (UST), some people wondered where the Luna Foundation Guard (LFG) bitcoin had gone, as the funds were to be used to defend UST’s $1 parity. On Friday last week, blockchain intelligence and analytics firm Elliptic published a blog post summarizing where the bitcoins were being sent, according to the company’s network monitoring tools.
Mike Novogratz, billionaire CEO of Galaxy Digital talks about Terra LUNA and UST fallout
On May 18, billionaire investor and crypto advocate Mike Novogratz published a post about the recent Terra blockchain fallout. Novogratz and his company Galaxy Digital were strong believers in the Terra project, and the investor even got a LUNA-centric tattoo on his arm. Despite the recent events and losses the crypto economy has felt over the past week, Novogratz stressed that he still firmly believes that the “crypto revolution is here to stay.”
Do you think a recession is coming? How will crypto survive all this, if so? Do let us know your thoughts in the comment section below.
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