This week, Goldman Sachs’ Lloyd Blankfein and Tesla boss Elon Musk both issued sobering estimates of the impending recession in the United States. After Terra’s epic implosion, the topic has become even more critical, but Mike Novogratz, CEO of Galaxy Digital with a LUNA tattoo, still believes that “the crypto revolution is here to stay.” Here’s a recap of the Bitcoin.com News Week.

Preparing for a recession: Musk and Goldman's Blankfein weigh in; Galaxy Digital's CEO talks Terra Collapse — Bitcoin.com News Week Recap

Goldman’s Blankfein advises companies and consumers to prepare for a U.S. recession — calling it ‘very, very high risk’

Lloyd Blankfein, former Goldman Sachs chief executive who is now the firm’s senior chairman, has warned of an impending U.S. recession, and Blankfein said companies and consumers should prepare , and stressed that it was a “very, very high risk”.

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Elon Musk: U.S. economy could slip into recession that could last 18 months - warns it 'will get worse'

Elon Musk: U.S. economy could slip into recession that could last 18 months – warns it ‘will get worse’

Elon Musk, chief executive of Tesla and Spacex, said the U.S. economy may be in the midst of a recession that could last “hard” for 12 to 18 months. “The real cause of inflation is that governments are printing hundreds of of dollars more than they used to,” he added.

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Onchain Analysis Reports Terra's Bitcoin Reserves Sent to Binance and Gemini

Onchain Analysis Reports Terra’s Bitcoin Reserves Sent to Binance and Gemini

After Terra’s once-stable coin terrausd (UST) collapsed, many wondered where the Luna Foundation Guard (LFG) bitcoin went, as the funds were supposed to defend UST’s $1 parity. On Friday, blockchain intelligence and analytics firm Elliptic published a blog post summarizing where bitcoin was sent, according to the company’s network monitoring tool.

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Billionaire investor and Galaxy Digital CEO Mike Novogratz speaks on Terra LUNA and UST Fallout

Billionaire investor and Galaxy Digital CEO Mike Novogratz speaks on Terra LUNA and UST Radiation

On May 18, billionaire investor and cryptocurrency proponent Mike Novogratz published a post about the recent impact of the Terra blockchain. Novogratz and his company Galaxy Digital are big believers in the Terra project, and investors even got a LUNA-centric tattoo on his arm. Despite the recent events and losses that the crypto economy has experienced over the past week, Novogratz emphasized that he remains convinced that “the crypto revolution is here to stay.”

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tags in this story

Binance, Blankfein, crash, crypto revolution, Crypto Tattoos, do kwon, economics, Elon Musk, Galaxy Digital, Gemini, Goldman Sachs, inflation, Lloyd Blankfein, LUNA, Mike Novogratz, on-chain analysis, recession, tattoo, Terra, US recession, UST, week in review

Do you think a recession is coming? If so, how will cryptocurrencies get through this? Let us know your thoughts in the comments section below.

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