On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Wharton’s Professor Warns About Inflation, Predicts Many Rate Hikes, Says Bitcoin Has Replaced Gold for Millennials
A finance professor at the Wharton School of the University of Pennsylvania has warned about inflation and the Fed hiking rates many more times than the market expects. He also said that bitcoin has become the new gold for the millennials.
Finance Professor on Bitcoin and Inflation
Wharton’s finance professor Jeremy Siegel shared his outlook for various markets that he believes investors should have exposure to this year in an interview with CNBC Friday.
Siegel is Russell E. Palmer Professor Emeritus of Finance at Wharton School, University of Pennsylvania. His research focuses on demographics, financial markets, long-run asset returns, and macroeconomics.
He was asked about gold and commodities as investments going forward. Noting that gold “has been disappointing,” he stressed that “it’s a fact that the young generation is regarding bitcoin as the substitute” for gold. The professor opined:
Let’s face the fact, I think bitcoin as an inflation hedge in the minds of many of the younger investors has replaced gold … Digital coins are the new gold for the millennials.
“Old people remember the 1970s,” he continued. “That inflation time, gold soared. This time it is not in favor,” he noted.
Professor Siegel also believes that investors should have exposure to commodities, which he said could be done by investing in emerging markets, which are commodity-sensitive.
The finance professor proceeded to discuss inflation, which he has raised concerns about on multiple occasions. “I’ve been saying this for a long time. I’ve been warning about inflation for a year and a half,” he emphasized.
“The Fed and the fiscal authorities so way overdid it, particularly the Fed on liquidity,” he described. “They are so far behind the curve that we have a lot of inflation that is embedded in.” The professor concluded:
The Fed is going to have to hike many more times than what the market expects.
What do you think about the finance professor’s inflation warning and his comment about bitcoin and gold? Let us know in the comments section below.
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