![\"Wharton](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/03\/wharton-prof.jpg\")
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A finance professor at the Wharton School of the University of Pennsylvania has warned of \u201cbitcoin taking over.\u201d He added that the Fed \u201chas been terribly wrong over the last year\u201d about inflation and must now act to defend the U.S. dollar. Wharton\u2019s finance professor Jeremy Siegel shared his view on inflation, \u201cbitcoin taking over,\u201d and the need for the Federal Reserve to defend the U.S. dollar in an interview with CNBC Friday.<\/p>\n 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.<\/p>\n Commenting on Federal Reserve Chairman Jerome Powell indicating last week that the first rate hike will be in March and will likely be 25 basis points, Siegel criticized that the Fed is already behind and should be making a more aggressive move.<\/p>\n \u201cThey\u2019re going to have to do much more than that \u2026 I\u2019m actually disappointed that Chairman Powell did not look at the history that this is not a time for us to slow down,\u201d the Wharton finance professor stressed, elaborating:<\/p>\n The Fed has been terribly wrong over the last year. I mean, all this temporary inflation. Look at the protection they did for inflation last year \u2014 so way below what actually happened all the way to December.<\/p>\n<\/blockquote>\n He said last week that it would be a \u201cbig policy mistake\u201d for the Fed to slow down interest rate hikes because of the situation in Ukraine.<\/p>\n While stating that \u201cJay Powell is a very good man\u201d and \u201ca good communicator,\u201d Professor Siegel stressed: \u201cThe Fed has been very wrong and they are going to have to catch up and they really have to admit they\u2019ve got to bite the bullet here.\u201d<\/p>\n Regarding bitcoin, he urged the Federal Reserve to take action to defend the U.S. dollar, emphasizing:<\/p>\n We talk about bitcoin taking over. We\u2019ve got to defend the dollar.<\/p>\n<\/blockquote>\n The professor has been noting the rise in popularity of bitcoin for quite some time. In January, he said that BTC<\/a> has replaced gold as an inflation hedge for millennials.<\/p>\n He also warned that the Federal Reserve is \u201cso far behind the curve that we have a lot of inflation that is embedded in,\u201d predicting<\/a> that \u201cThe Fed is going to have to hike many more times than what the market expects.\u201d<\/p>\n
<\/strong><\/p>\nFinance Professor Urges the Fed to Take Action to Defend the U.S. Dollar<\/h2>\n
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