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Former Treasury Official Issues Dire Warning, Bill Ackman Fears Economic ‘Train Wreck,’ US Gov. Remains Top BTC Holder, and More — Week in Review

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Former Treasury Official Issues Dire Warning, Bill Ackman Fears Economic "Train Wreck," US Gov. Remains Top BTC Holder, and More — Week in Review


Warnings continue to pervade market and financial news this week, with Monica Crowley, former assistant secretary for public affairs for the U.S. Department of the Treasury, indicating “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. In related news, billionaire Bill Ackman warned that the U.S. economy is “heading for a train wreck.” Meanwhile, First Citizens Bank has acquired SVB, and the U.S. government remains a top bitcoin holder with its seized stash. All this and more, just below.


Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status


Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would be a complete implosion of the global economic system.”


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Billionaire Bill Ackman on US Banking Crisis: ‘I Fear We Are Heading for a Train Wreck’


Billionaire Bill Ackman has warned that the U.S. economy is “heading for a train wreck” if the government allows the current banking crisis to continue. “Trust and confidence are earned over many years, but can be wiped out in a few days,” he said. “Hopefully, our regulators will get this right.”


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US Government Remains a Top Bitcoin Holder With Seized Stash Valued at $5.6 Billion


As of March 25, 2023, the U.S. government held 205,515 bitcoins worth $5.6 billion, which is approximately 1.06% of the circulating supply, according to current statistics. The cache of bitcoins is a result of three forfeitures that began in 2020. Glassnode’s on-chain data reveals that on March 9, about 9,860 bitcoins worth roughly $269 million were sent to a Coinbase address.


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First Citizens Bank Acquires Silicon Valley Bank, Costing FDIC Deposit Insurance Fund an Estimated $20B


According to the Federal Deposit Insurance Corporation (FDIC), the troubled bank Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens acquired all deposits and loans from SVB, as well as the 17 branches that SVB owned across the United States.


Read More Tags in this story Bill Ackman, Bill Ackman Train Wreck, First Citizens Bank, Monica Crowley, Seized bitcoin, SVB, Treasury, US government


Where do you think the global economy is heading? Are the warnings of collapse overblown, underplayed, inaccurate, or right on the money? Let us know in the comments section below. Bitcoin.com


Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance. A Million-Dollar Bitcoin Bet, Financial Crisis Warnings Abound, and Ordinal Inscriptions Surpass 500,000 — Week in Review THE WEEKLY | Mar 26, 2023 Burry on Banking Crisis, Kiyosaki Warns of "Fake Money" Injections; Talk of "Anti-Crypto" Agenda Behind Signature Bank Collapse — Week in Review THE WEEKLY | Mar 19, 2023


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