‘A Big Problem—Shock Fed Warning Sparks Fears A $34 Trillion Meltdown Could Be About To Cause Bitcoin, Ethereum, XRP And Crypto Price Chaos
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bitcoin bitcoin And the main cryptocurrencies Ethereum and XRP XRP Federal Reserve Chairman Jerome Powell rose as he prepared the cryptocurrency market for a $3.3 trillion price hike.
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Bitcoin's price has risen from a low of $15,000 to nearly $50,000 per bitcoin last month (although billionaire investor Mark Cuban says it was a bet on two of Bitcoin's smaller rivals, microcrypto).
Now, after Federal Reserve Chairman Powell issued a dramatic warning that the United States is "on an unsustainable fiscal path," legendary investor Jim Rogers has warned that America's massive $34 trillion debt means the next recession will be the "worst of our lifetimes." to be "." Although experts are predicting an increase in the price of Bitcoin.
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More from Forbes“Bitcoin Vs. The dollar and the Biden administration suddenly declared an 'emergency' for US cryptocurrencies afterBilly Bamborough's big price hike.
We had a big crisis in 2008, but since then debt has increased everywhere. So the next recession is expected to be the worst in my lifetime because the debt is now much higher than it has been in my lifetime. We have a lot of debt now," Rogers, who co-founded Quantum Fund and Soros Fund Management with George Soros, told Kitco .
Over the weekend, Federal Reserve Powell said the U.S. debt, which has ballooned to $34 trillion due to the Covid-19 pandemic and lockdown, is "growing faster than the economy" and that the United States is "in the future." Generations are being borrowed," he warned. Powell also said he expects the Federal Reserve to cut interest rates three times this year to steer the economy toward a so-called soft landing after an inflationary rollercoaster. "The
U.S. dollar is no longer the safe haven," Rogers said. "The biggest debtor nation in the history of the world. We are But everyone thinks it's safe money and a safe haven. So when problems arise, people run to a safe place.
Rogers, who is skeptical of Bitcoin, Ethereum, XRP and other cryptocurrencies, said he expects the market to crash this year because he expects governments to ban fiat currencies like the US dollar if they threaten their dominance. adding that he sees "signs".
The Fed's Dashboard on Bitcoin, Ethereum and Interest Rates. .
In the coming months, the supply of bitcoins will be halved and the number of bitcoins transferred to those who maintain the bitcoin network will be halved in exchange for newly created bitcoins.
The long-awaited arrival of spot bitcoin exchange-traded funds (ETFs) in the United States last month sent bitcoin prices soaring as Wall Street traders flocked to the cryptocurrency.
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MORE FROM FORBES 'War' : Billy Bamboroughto reveal the secrets of Bitcoin creator Satoshi Nakamoto.
A panel of 40 people polled by Finder concluded that the average bitcoin price forecast for 2024 will be $88,000, a 28% increase from Bitcoin's last peak of nearly $70,000, predicted Daniel
Polotsky, president of Bitcoin ATM operator CoinFlip and a Finder panelist. Bitcoin will top $100,000 by 2024, suggesting a series of events that could trigger a bull market.
"The approval of the Bitcoin ETF for institutional and pension investors, the halving, the Fed's rate of inflation and the current political uncertainty could create a perfect storm for Bitcoin in 2024 and 2025," he told Polotsky.
