UH OH, THE FEDS RAISED INTEREST RATES! IS MY CRYPTOCURRENCY AFFECTED?😳

Yesterday the Federal Reserve raised interest rates by half of a percentage. That was the largest increase since the year 2000, but it’s an attempt to get a handle on inflation to calm things down. If you walk through any grocery aisle or shop online you’ll notice that prices aren’t what they used to be; prices have increased and meat, milk, poultry, and fish have increased by over 13%.

What does this mean for us? Well, raising the interest rates affects the rates at which banks borrow from other banks overnight and isn’t the same rate that you and I, the consumers, pay, but it still affects our borrowing and saving. My advice if you have credit card debt is to start paying it down because that debt will surely become more expensive.

With cryptocurrency, remember that the average online savings account pays 0.5%, while DeFi accounts are growing at an average of 12%. This is a no-brainer. In my opinion, what this means for cryptocurrency holders and even for non-cryptocurrency holders is that everyone is going to try to enter the DeFi space to gain interest at levels that cannot be gained anywhere else!

Bitcoin recently has been trading at around $40,000 and its prices immediately rose yesterday immediately after the Federal Reserve raised interest rates. What does that mean? People wanted to get BTC and the price zoomed up. Look … you and I are already in this crypto space so we know what to do. Pray and act. Please don’t let the rate hike scare you into taking all your money and hiding it in your mattress, you know better than to do that! Will our cryptocurrency be affected by that rate hike? Right now, it doesn’t look like it will but eventually in the long run I’m pretty sure that it may. So that means now that the price of BTC is low, we get some more! (I AM NOT A FINANCIAL ADVISOR, ANY INFORMATION PRESENTED HERE IS FOR LEARNING PURPOSES ONLY).

Now is the time for us to urgently listen for (and recognize) the voice, the leading, and the guidance of the Holy Spirit in our financial affairs. WE PRAY, AND WE ACT! If you want more information on cryptocurrency - buying, selling, holding, staking, exchanging, or info on DeFi banking, borrowing, or lending crypto - hit me up and JOIN ME RIGHT HERE!

Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™ . The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post.