Home / Capital Markets News /US Inflation Rate In August Runs Hot At 8.3%, Peter Schiff Says America's 'Days Of Sub-2% Inflation Are Gone'

US Inflation Rate In August Runs Hot At 8.3%, Peter Schiff Says America's 'Days Of Sub-2% Inflation Are Gone'

13 Sep 2022

On Tuesday, the non-profit technology consortium, the Linux Foundation, announced the launch of the Openwallet Foundation (OWF) in order to bolster the development of open-source crypto wallets. OWF’s goal is to increase “interoperability for a wide range of wallet use cases” and to develop a “secure, multi-purpose open source engine” that anyone can use to build a wallet.

The Linux Foundation (LF) has supported open-source software since the foundation’s inception 22 years ago. The foundation is made up of software developers from all around the world, and corporate giants like AT&T, Cisco, Fujitsu, Google, Hitachi, Tencent, Vmware, Huawei, IBM, Intel, Meta, Microsoft, NEC, Oracle, Orange S.A., Qualcomm, and Samsung are also LF members. The announcement published on September 13 notes that the LF’s mission is to bolster universal digital wallet infrastructure.

“We are convinced that digital wallets will play a critical role for digital societies. Open software is the key to interoperability and security,” Jim Zemllin, the LF executive director, said in a statement.

On Tuesday, OWF will host a keynote presentation at the Open Source Summit Europe. The newly formed group has no intentions of publishing a wallet or creating new standards. “The community will focus on building an open source software engine that other organizations and companies can leverage to develop their own digital wallets,” the LF announcement details. “The wallets will support a wide variety of use cases from identity to payments to digital keys and aim to achieve feature parity with the best available wallets.”

David Treat, the Global Metaverse Continuum Business Group and Blockchain lead at Accenture said that a massive change is coming to the traditional business model and digital businesses will earn trust. “Universal digital wallet infrastructure will create the ability to carry tokenized identity, money, and objects from place to place in the digital world,” Treat said. Presently, the OWF has not formulated a governance system but it is in the midst of “working on its governance and structure with the goal of launching later in 2022.”

What do you think about the Linux Foundation’s Openwallet Foundation? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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On Tuesday, the non-profit technology consortium, the Linux Foundation, announced the launch of the Openwallet Foundation (OWF) in order to bolster the development of open-source crypto wallets. OWF’s goal is to increase “interoperability for a wide range of wallet use cases” and to develop a “secure, multi-purpose open source engine” that anyone can use to build a wallet.

The Linux Foundation (LF) has supported open-source software since the foundation’s inception 22 years ago. The foundation is made up of software developers from all around the world, and corporate giants like AT&T, Cisco, Fujitsu, Google, Hitachi, Tencent, Vmware, Huawei, IBM, Intel, Meta, Microsoft, NEC, Oracle, Orange S.A., Qualcomm, and Samsung are also LF members. The announcement published on September 13 notes that the LF’s mission is to bolster universal digital wallet infrastructure.

“We are convinced that digital wallets will play a critical role for digital societies. Open software is the key to interoperability and security,” Jim Zemllin, the LF executive director, said in a statement.

On Tuesday, OWF will host a keynote presentation at the Open Source Summit Europe. The newly formed group has no intentions of publishing a wallet or creating new standards. “The community will focus on building an open source software engine that other organizations and companies can leverage to develop their own digital wallets,” the LF announcement details. “The wallets will support a wide variety of use cases from identity to payments to digital keys and aim to achieve feature parity with the best available wallets.”

David Treat, the Global Metaverse Continuum Business Group and Blockchain lead at Accenture said that a massive change is coming to the traditional business model and digital businesses will earn trust. “Universal digital wallet infrastructure will create the ability to carry tokenized identity, money, and objects from place to place in the digital world,” Treat said. Presently, the OWF has not formulated a governance system but it is in the midst of “working on its governance and structure with the goal of launching later in 2022.”

What do you think about the Linux Foundation’s Openwallet Foundation? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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On September 13, the U.S. Bureau of Labor Statistics reported the country’s consumer price index (CPI) inflation jumped by 8.3% annually in August. The reduction was less than expected and market analysts believe the U.S. Federal Reserve will continue its aggressive rate hikes going forward.

U.S. inflation numbers for August are in, according to the calculations recently published by the U.S. Bureau of Labor Statistics. The Bureau of Labor Statistics wrote on Tuesday that the “consumer price index for all urban consumers (CPI-U) rose 0.1 percent in August on a seasonally adjusted basis after being unchanged in July — Over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment.”

CPI 8.3% pic.twitter.com/wY7iYm26ox

— Sven Henrich (@NorthmanTrader) September 13, 2022

Market strategists did not expect the inflation rate to be so high as reports note that “economists had expected prices to dip 0.1% in August over the month and slow to an 8% annual pace.” The economist and gold bug Peter Schiff was quick to criticize the U.S. dollar and the country’s fiscal policy. “Once again the market’s reaction to [a] much higher than expected inflation is wrong,” Schiff tweeted on Tuesday. “Inflation is here to stay, and will get much worse despite rate hikes, due to over a decade of inflationary monetary and fiscal policy. This is very bearish for the dollar and bullish for gold,” Schiff added.

Amid the worse-than-expected inflation report, all four major Wall Street indexes (NYSE, Nasdaq, Dow Jones, S&P 500) slid significantly after the Bureau of Labor Statistics report published on Tuesday. All five precious metals (gold, silver, palladium, platinum, rhodium) saw losses against the U.S. dollar during the past 24 hours, with gold down 1.47%. After printing some gains the day prior, the crypto economy lost 5.8% against the dollar on Tuesday as well. During the last day, bitcoin (BTC) has shed 6% in USD value while ethereum (ETH) is down 8%.

Meanwhile, Tuesday’s CPI data has investors believing the Fed will be aggressive when it raises the benchmark bank rate at the next meeting. Mark Hamrick, a senior economic analyst at Bankrate.com, thinks the inflation report for August won’t do much to convince the Fed to act dovish next week. Hamrick expects the U.S. central bank to keep the federal bank rate confined until inflation subsides.

“They want to take their benchmark rate into [economically] restrictive territory and hold it there for longer,” Hamrick opined. “Awaiting what Chairman Jerome Powell has said must be ‘compelling evidence that inflation is moving down, consistent with inflation returning to two percent’ … We remain far from that destination.” Schiff thinks it is absurd that people expect the 2% inflation rate to return, and the gold bug wholeheartedly believes the days of sub-2% inflation will always be a distant memory. In a tweet published on Monday, Schiff stressed:

The days of sub-2% inflation are gone. There’s no going back to the anomaly experienced between the 2008 Financial Crisis and 2021. The inflation chickens the Fed released with QE have finally come home to roost. The price increases experienced thus far are just the beginning.

What do you think about the latest inflation report? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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