Bitcoin
Bitcoin
Subscribe now Crypto and Blockchain Advisor to Forbes And in the aftermath of Bitcoin’s halving, “discover the blockchain blockbuster that’s poised to deliver gains of over 1,000%.”
With Bitcoin’s price currently trading at around $70,000 per Bitcoin, up nearly 400% from its lows after the FTX collapse in late 2022, the market is preparing for a likely game-changer coming from the 2024 presidential election.
After a legendary trader predicted the Federal Reserve would start printing money again later this year, Treasury Secretary Janet Yellen issued a dire warning about the nation’s spiraling $34 trillion debt, which some believe could send Bitcoin’s price soaring to $1 million in the next 18 months.
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U.S. Treasury Secretary Janet Yellen said the Federal Reserve’s interest rate hikes … [+]
Yellen: “I raised my interest rate forecast” Said Bloomberg “There is certainly a difference,” he said on the sidelines of a G7 meeting of finance ministers and central bank governors in Italy. “It will be a little more difficult to contain the fiscal deficit and interest payments.”
A recent study estimated that U.S. debt interest payments are expected to reach $870 billion this year. analysis The Congressional Budget Office decided to raise the rate after inflation soared in the aftermath of massive spending and money printing during the coronavirus pandemic, prompting the Federal Reserve to raise interest rates at an unprecedented pace.
“There’s a big hole and losses that need to be filled,” said Jack Mallers, CEO of bitcoin payments app Strike. Said “The losses will come from devaluing the currency. Asset prices will go up. What’s the best asset, the best performing asset? What’s the best money in the history of mankind? So I think it has to be priced accurately,” influencer and YouTuber Anthony Pompliano said.
Mallers said he believes that as a result of the Fed’s money printing causing the U.S. dollar to fall, people “would be willing to pay $250,000 for one Bitcoin.”
“I think it’s still early days in the bitcoin story,” said Mallers, who was involved in El Salvador’s historic bitcoin adoption experiment in 2021. “I’ve said publicly that I think bitcoin will hit $250,000 to $1 million this cycle, so right now we’re talking about the next 10 to 18 months.”
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Bitcoin prices have soared in the last year, surpassing previous all-time highs.
Earlier this year, analysts at Bank of America warned that the US debt load would grow by $1 trillion every 100 days, which would lead to a surge in the price of Bitcoin.
“The U.S. national debt is growing by $1 trillion every 100 days,” Michael Hartnett, chief strategist at Bank of America, wrote in a client note. saw by CNBC“It’s no wonder we’re seeing ‘debt write-down’ deals near all-time highs,” he added. That means gold. [at] $2077/oz [and] Bitcoin [at] $67,734.
Hartnett predicted that the newly launched spot bitcoin exchange-traded fund (ETF), which took Wall Street by storm last month, will have “an explosive year of growth” thanks in part to the collapse of the U.S. dollar.
