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The latest in financial news: The Federal Reserve begins a panel to look at factors affecting the increase in rent in the US, Shanghai court says that Bitcoin is a viable currency, and Robert Kiyosaki says that this is the end of Bitcoin and the US Dollar.

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The Fed Looks To Lower Housing

Governor Michelle W. Bowman and her fellow experts have initiated the Federal Reserve's Community Development Research seminar series, kicking off with a notable revelation regarding the state of rental housing in the United States. Their extensive research reveals that renters are currently facing a stark reality – a $200 increase for single-unit leases and a $300 hike for larger family-sized units when compared to pre-COVID rates. This surge in rental costs has profound implications, especially for lower-income households, impacting their ability to cover essential expenses like housing, food, and other necessities. Moreover, the relentless march of inflation is compounding the financial strain on these families.

The expert panel is keen on engaging with researchers and specialists to explore diverse policy avenues that the Federal Reserve can explore to provide assistance to affected families.

Shanghai Views Bitcoin As Currency

In a significant development, a court in Shanghai, China, has officially acknowledged Bitcoin as a "unique and non-replicable digital asset" while highlighting its inherent scarcity and value. This pronouncement may come as a surprise, given China's existing ban on cryptocurrency ownership for its citizens. However, it signals a noteworthy shift in perspective within China, where authorities are beginning to recognize the utility and significance of Bitcoin as a decentralized asset. Chinese authorities are increasingly appreciating Bitcoin's qualities as a form of currency, including its scalability, ease of circulation, storage, and efficiency in facilitating payments.

Robert Kiyosaki’s Thoughts On Bitcoin

In a surprising turn of events, celebrated investor and educator Robert Kiyosaki recently took to Twitter to suggest the potential end of both Bitcoin and the U.S. dollar. This statement came on the heels of Citibank's announcement of its proprietary blockchain system, designed to streamline the bank's transaction processes. Kiyosaki's viewpoint has been particularly unexpected, considering his prior endorsements of Bitcoin as "the people's money."

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