BitcoinBTC and major cryptocurrencies Ethereum and XRPXRP rose significantly as Federal Reserve Chairman Jerome Powell primed the cryptocurrency market for a $3.3 trillion price boom.
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The price of Bitcoin has risen from lows of around $15,000 per BTC, coming within striking distance of $50,000 last month (although billionaire investor Mark Cuban revealed he is betting on two smaller cryptocurrencies competing with Bitcoin).
Now, after Fed Chairman Powell issued a shock warning that the US is “on an unsustainable fiscal path,” legendary investor Jim Rogers has warned that America’s massive $34 trillion debt pile means the looming recession will be “worse.” in a year” [his] For life” — even as experts predict a boom in Bitcoin prices.
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“In 2008, we had a big problem, but debt everywhere has gone up dramatically since then. So the next recession has to be the worst in my lifetime because debt is much higher now than it was before in my lifetime,” said Rogers, who shared In founding the Quantum Fund and managing the Soros Fund with George Soros, China has a lot of debt now. Kitco.
Over the weekend, the Fed's Powell warned that US debt, which has swelled to a massive record $34 trillion during the Covid pandemic and lockdowns, is “growing faster than the economy,” and that the US is “borrowing from future generations.” .
“The US dollar is not a sound currency anymore,” Rogers said. “We are the largest debtor nation in the history of the world. But everyone thinks it's a sound currency, they think it's a safe haven. So when trouble comes, people race to a safe haven.”
Rogers, who has a dim view of bitcoin, ethereum, Ripple and other cryptocurrencies because of his prediction that governments will ban them if they become a threat to the dominance of fiat currencies like the US dollar, said he expects the market to collapse this year, adding he sees “signs.”
However, a panel of bitcoin, ethereum, Buyers on Wall Street and interest rate cuts by the Fed.
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The 40-person panel, surveyed by Finder, returned an average forecast for Bitcoin's price in 2024 of $88,000, a roughly 28% increase from Bitcoin's recent peak of roughly $70,000.
Daniel Polotsky, CoinFlip Chairman and panelist, expects Bitcoin to reach a peak of $100,000 in 2024 and points to a number of events that could trigger a bull market.
“The approval of a Bitcoin ETF for institutional and retiree investors, the halving event, inflationary interest rate cuts from the Fed, and ongoing political instability could create a perfect storm for bitcoin in 2024 and 2025,” he said.
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