Schiff Urges China to Crash Dollar, Ray Dalio Warns of Global Meltdown, Bitcoin Set to Go ‘Nuclear’, and More in This Week in Review.

Peter Schiff has urged China to retaliate in the trade war by dumping U.S. dollars and buying gold. Meanwhile, Ray Dalio warns of an impending once-in-a-lifetime global economic meltdown, masked by short-term distractions like tariffs.

The trade war initiated by Trump has rattled global markets, and Jack Mallers, the CEO of Strike, posits that bitcoin is poised to go "nuclear" as governments turn to fiat printing.

* According to a new report by Bloomberg, focusing on the economic fallout of the U.S. trade war with China, the Eastern nation is being urged by Peter Schiff to retaliate by dumping its U.S. dollars and Treasuries en masse.

* Linking this to a recent interview with the Stellar co-founder Jed McCaleb, Schiff maintains that China cannot repay its trade deficit through exporting goods. Instead, Schiff contends that China should sell its dollar holdings and pivot to buying gold.

* In a related note, Ray Dalio, the billionaire founder of Bridgewater Associates, issues a stark warning of an impending once-in-a-lifetime global economic meltdown.

* In a recent op-ed for the Wall Street Journal, Dalio argues that global markets are sleepwalking into a collapse driven by debt, division, and a rising China.

* However, Dalio asserts that this economic downturn is being masked by short-term distractions like tariffs and trade tensions, which will ultimately leave the world in worse shape than the 1937 recession.

* Shifting the spotlight to crypto, Mallers claims that while the U.S. might not be engaging in large-scale money printing, the scenario is unfolding in Europe and China, setting the stage for a massive bitcoin rally.

* Furthermore, focusing on the U.S. market, the March inflation data has shown a decrease in the 12-month Consumer Price Index to 2.4%.

* This signals a potential opening for the Federal Reserve to lower interest rates at its upcoming meeting in May.

* Finally, in a significant victory for the crypto industry, Trump has disbanded the IRS’s rule that demanded reporting of cryptocurrency transactions valued over $10,000. This regulation, which was set to take effect in 2024, posed a substantial threat to the survival of decentralized finance protocols.