BRICS nations unite against the dollar, major banks forecast more Fed rate hikes, bitcoin posts large blocks as ordinals gain traction – The Weekly

Despite the turmoil in traditional global finance, with the BRICS reportedly pushing for de-dollarization and big banks like Bank of America and Goldman Sachs predicting more Federal Reserve rate hikes, crypto creativity has found a new boon in the form of controversial inscriptions , so-called ordinals, on the Bitcoin–Blockchain. All this and more, just below, in the latest Bitcoin.com News Week in Review.

Expert predicts looming economic collapse as BRICS countries unite against the dollar

Andy Schectman, CEO of Miles Franklin Precious Metals Investments, explained in a recent interview that the top five emerging economies – Brazil, Russia, India, China and South Africa, collectively known as the BRICS countries – are “converging against the dollar”. Schectman believes that since 2022, de-dollarization “seems to be spinning much, much faster.”

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Bank of America, Goldman Sachs, JPMorgan, UBS stocks predictions on more Fed rate hikes

Bank of America, Goldman Sachs, JPMorgan and UBS have announced their forecasts for another US Federal Reserve rate hike. Bank of America and Goldman Sachs, for example, now expect the Fed to hike rates three more times this year.

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Economist warns Fed can’t hit inflation target without ‘crushing’ US economy.

Economist Mohamed El-Erian, chief economic adviser to Allianz and chairman of Gramercy Funds Management, has warned that the US Federal Reserve cannot meet its 2% inflation target without weakening the US economy. “You need a higher stable inflation rate. Call it 3% to 4%,” the economist suggested.

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Bitcoin continues to record 3.75MB blocks as ordinals rise

As ordinal inscriptions approached the 150,000 mark, blocks larger than 3 MB became commonplace, with many blocks near the 4 MB range. After the average transaction fee on the chain increased by 122% in early February 2023, the average fee has stayed the same for the past few weeks.

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