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Gold Emerges as Reserve Asset Amid Crypto & Dollar Woes

Crypto trading platform BlockFills temporarily suspended withdrawals for clients, while Instagram head Adam Mosseri's compensation came under scrutiny, and economic hardship fueled protests in Iran, according to multiple news sources. Meanwhile, some investors predict a shift away from the dollar as the world's reserve currency.

BlockFills, a Chicago-based crypto trading platform, announced on Wednesday that it would temporarily prohibit customers from depositing and withdrawing funds, according to Fortune. The company stated the move was to protect clients and the firm, citing the current downturn in cryptocurrencies. Bitcoin has fallen approximately 48% from its all-time high in October, currently trading around $66,000, and is down roughly 29% in the past month, according to Binance. A spokesperson for BlockFills declined to provide further comment.

In other financial news, Instagram head Adam Mosseri's compensation was brought up during the social media addiction trial against Meta and YouTube in Los Angeles on Wednesday, also according to Fortune. Mosseri revealed he is paid roughly $900,000 a year and receives annual performance-based bonuses that can be up to half his salary. He also earns stock-based pay, which has varied yearly, reaching over $20 million in some years. This information came to light during questioning by the plaintiff's lawyer, who represents a 20-year-old plaintiff alleging mental health issues due to social media addiction.

The protests in Iran, which began with economic hardship, were also highlighted by NPR Politics. The protests, which have been about human rights, corruption, and freedom, were sparked by economic hardship caused in part by U.S. sanctions. Iranian exiles in Turkey are struggling to find news from home, hearing chilling stories from relatives and receiving death threats themselves, according to NPR. One month after Iran's government crushed protests, the number of people killed remains unclear.

Furthermore, some investors are predicting a decline in the dollar's status as the world's leading reserve currency. Greenlight Capital founder David Einhorn, in a conversation with CNBC, predicted a monumental shift in global reserve assets, with central banks swapping dollars for gold. This shift is fueled by factors such as U.S. deficit spending and President Donald Trump's foreign policy, according to Fortune. Gold prices surged past $5,300 per ounce last month.

AI-Assisted Journalism

This article was generated with AI assistance, synthesizing reporting from multiple credible news sources. Our editorial team reviews AI-generated content for accuracy.

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