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Ex-Fed Chairman Ben Bernanke Wins Nobel Prize in Economics for ‘Banking and Financial Crisis Research’ – Bitcoin Economics News

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Former Federal Reserve Chairman Ben Bernanke received the Nobel Prize in Economics. The Nobel Prize Committee believes it has “significantly improved our understanding of the role of banks in the economy, particularly during financial crises.” However, many people blame Bernanke for bringing us “on the brink of collapse and under a mountain of debt with QE”.

Former Federal Reserve Chairman Ben Bernanke Wins Nobel Prize in Economic Sciences

The Royal Swedish Academy of Sciences announced on Monday that it has decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel to Ben S. crises. The Royal Swedish Academy of Sciences is responsible for selecting Nobel laureates in economic sciences.

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This year’s Economics winners Ben Bernanke, Douglas Diamond and Philip Dipvig have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding of their research is why it is so important to avoid bank collapse.

“Ben Bernanke analyzed the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, he showed how bank operations were a critical factor in the exacerbation and prolongation of the crisis,” the announcement adds.

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Bernanke is currently a Senior Fellow in the Economic Studies Program at the Brookings Institution. Diamond is the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago School of Business. Dybvig is the Boatmen Bancshares Professor of Banking and Finance at Washington University’s Olin School of Business in St. Louis.

Bernanke brought us to the brink of collapse.

Many people have taken to social media to ridicule the Nobel Prize Committee for awarding it to Bernick.

Major investor Michael Perry tweeted: “Bernanke won the Nobel Prize in Economics. No joke.” Alasdair MacLeod, Head of Research at Goldmoney, Wrote: “Had it not happened before, I think this shows that the Nobel Prize Committee has lost all credibility.”

Gold Bug Peter Schiff chirp:

How fitting that Ben Bernanke should win the Nobel Prize in Economics for his research on the financial crisis that Greenspan helped create. Ironically, the biggest financial crisis that awaits him is mostly on him. Unfortunately, the Nobel Committee is as clueless about economics as Bernanke.

Fiore Group CEO and Lionsgate Entertainment founder Frank Justra opened: “I am speechless. The Nobel Prize is for the individual who promised us in 2009 that the Fed’s monetary policy would return to ‘normal’ – meaning that the central bank would return to a modestly sized budget. Instead, we got a historic bubble and inequality” .

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Vaneck Consultant Gabor Gorbaks pointed:

Bernanke has brought us to the brink of collapse and under a mountain of debt with QE. It’s a scam. They don’t even hide it anymore. Actually celebrate it.

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Ben BernankeAnd the Ben Bernanke in EconomicsAnd the Nobel Prize Ben BernankeAnd the Ben Bernanke Nobel Prize in EconomicsAnd the Former Federal Reserve Chairman Ben BernankeAnd the Frank JustraAnd the Gabor GorbucksAnd the Michael PerryAnd the Nobel prizeAnd the Nobel Prize in EconomicsAnd the Peter Schiff

What do you think of former Federal Reserve Chairman Ben Bernanke winning the Nobel Prize in Economics? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.




photo credits: Shutterstock, Pixabay, Wikicommons

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On-chain data shows signs of new bitcoin accumulation

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On-chain data shows signs of some new bitcoin accumulation over the past month.

The lifespan of Bitcoin UTXOs has increased from a week to one month in recent days

As one analyst at CryptoQuant pointed out: MailUTXOs purchased between 1 week and 1 month have gone up since the FTX crash.

The relevant indicator here is “Maximum Achieved – Age difference from UTXO’, which tells us which age group has the percentage of Bitcoin cap achieved.

The “Detective coverHere he refers to a type of BTC capitalization model where a cryptocurrency cap is calculated by weighing each coin in the circulating supply against the price at which it was last quoted, and then taking the entire supply total.

This method of capitalization differs from the usual market cap, as all coins are simply multiplied by the current BTC price.

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“Age ranges” are groups that specify the time period in which UTXOs were last moved. For example, the “1m-3m” age range includes all UTXOs that have not shown any movement between 1 and 3 months ago.

Now, the relevant age group in the current discussion is the “1w-1m” group. Here is a graph showing how the contribution of this bitcoin range cap has changed over the past two years:

Bitcoin Realized Cap UTXO Age Bands

Looks like the value of the metric has been trending up recently | Source: CryptoQuant

As you can see in the chart above, the maximum realized Bitcoin UTXOs which are in the 1w-1m range were declining during the bear market and reached very low values ​​by the time the FTX crash started.

But since the crash, the age group has been seeing a rapid upward trend. This means that there were a large number of coins purchased between 1 week and 1 month ago.

Based on this trend, it appears that some investors were preoccupied with piling on the lows seen after the crash, despite the broader market feeling uncertainty due to an FTX contagion that could trigger a series of other platform bankruptcies.

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BTC price

At the time of writing this report, Bitcoin price It floats around $16.5K, down 1% in the past week. Over the past month, the cryptocurrency has lost 15% of its value.

Below is a chart showing the trend in the currency’s price over the past five days.

Bitcoin price chart

The value of the crypto seems to have returned to a flat curve during the last few days | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Bitcoin short institutions like SBF ‘deeply sorry’ for FTX’s crash

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The massive collapse of FTX would become one of the biggest corporate scandals of all time. But, at least Sam Bankman Fried, or SBF, sorry. On November 22nd, the disgraced founder of FTX wrote a letter to his former employees describing his role in the company’s bankruptcy. “I never intended for this to happen,” he wrote. “I didn’t realize the full extent of a margin position, nor did I realize how much risk a highly correlated crash poses.” Get this: SBF still believes the company can be saved because “there are billions of dollars of genuine interest from new investors.” Shouldn’t he be busy trying to avoid jail right now?

bitcoin (BTC) and the broader crypto market has been reeling in the wake of the scandal. While this has allowed many diamond dealers to accumulate more BTC on the cheap, institutional investors are using this opportunity to short the market. We may finally have this final surrender to complete the current four-year cycle.

As always, this week’s Crypto Biz newsletter brings the latest high-profile business news from our industry.

Sam Bankman-Fried says he is “deeply sorry” for the crash in a letter to the FTX team

SBF letter to former FTX employees Painting a picture of a deeply remorseful founder who managed to squander billions due to excessive margins and poor oversight. He also blamed “running on the bank” for FTX’s eventual demise. For those of you keeping track, the bank management SBF mentioned was run by Binance CEO Changpeng Zhao who revealed on November 6 on Twitter that – of all places – he would be $500 Million FTX Token Sale. This announcement sparked a tidal wave of refunds on FTX as users rushed out. Within 48 hours, FTX was found to be insolvent.

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FTX owes more than $3 billion to its 50 largest creditors: Files for bankruptcy

The hole in FTX’s balance sheet is estimated to be around $8 billion – and a good chunk of that is it You only owe 50 people. New bankruptcy filings in Delaware confirmed this week that FTX’s 50 largest creditors owe a total of $3.1 billion. One individual owes more than $226 million, while the rest of the top fifty have between $21 million and $203 million. Failed derivative exchange. So, when can FTX creditors expect to get some of their money back? It could take years or even decadesAccording to insolvency attorney Stephen Earle.

FTX crisis leads to record inflows into short investment products

Bitcoin believers as a sound financial alternative to the current monetary system used the latest market crash to accumulate more bitcoins. But for some institutional investors, the collapse of FTX has occurred Launch a new short sale opportunity. According to CoinShares, 75% of institutional crypto investments Last week went short investment products. In other words, they are betting that Bitcoin and other crypto assets will see a further price drop. BTC has It has already dropped to around $15,500, recording a new session low. Although Bitcoin could drop a lot, we are nearing the end of the current four-year cycle. Therefore, the bottom could be close.

US Senators Urge Fidelity to Reconsider Bitcoin Offerings After FTX Explosion

Members of Congress have strongly urged Fidelity Investments, one of the early institutional backers of digital assets, to limit Bitcoin investment offers. This week, Senators Elizabeth Warren, Tina Smith, and Richard Durbin again called fidelity To Reconsider Your Bitcoin 401(k) Product Offering In the aftermath of the FTX disaster. Since our previous letter [from July 26, 2022]The digital asset industry has grown more volatile, turbulent, and chaotic, the senators write, all traits of an asset class that no plan sponsor or person saving for retirement should approach. Crypto-skeptics can take a victory ride for now, but Bitcoin will have the last laugh.

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Before You Go: Could Grayscale Lead to the Next Bitcoin Price Crash?

Concerns about Grayscale’s Bitcoin (GBTC) investment fund began to mount last week after the company She refused to provide proof of the chain for her reserves. Now, investors are worried about whether Grayscale’s parent company, Digital Currency Group (DCG), may have to divest a portion of GBTC to cover a huge stake on Genesis Global Trading’s balance sheet. What is the relationship between DCG, GBTC and Genesis? In this week’s Market Report, Marcel Bechman and I discuss this relationship and why it matters to bitcoin investors. You can watch the full replay below.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered straight to your inbox every Thursday.