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Bitcoin price stays at $68,500, and recent developments excite investors. The first announcement was made by Fed member Williams and includes important details for crypto. He commented on the current state of the economy. The second announcement came directly from Elon Musk regarding crypto.
Fed, Elon Musk, and Crypto
The fast-paced news of the last few minutes is exactly this. About half an hour ago, Elon Musk denied the news that he discussed crypto with Trump. On the other hand, he said that crypto could achieve something significant for the government and the public.
“I am sure I never discussed crypto with Trump, but I generally support things that transfer power from the government to the people. Indeed, crypto can do this.”
After saying he no longer cares about cryptocurrencies, this is a good development. Meanwhile, Fed member Williams also made some important statements as this article was being prepared.
“Fed policy is well-positioned to bring inflation back to the 2% target. I expect the economy to grow by 2%-2.5% this year. I expect the unemployment rate to be 4% by the end of the year. I expect inflation to be 2.5% this year and to approach 2% next year. No progress has been made recently in reducing inflation. The Fed will monitor all data to make decisions regarding monetary policy. Monetary policy continues to be restrictive on economic activity. The risks to the Fed’s mandate are becoming more balanced. Inflation is still very high but will moderate in the second half of 2024. Wage increases are still too high relative to the 2% inflation target. The economy is moving towards a better balance.”
