Bitcoin Expects Bulls Because Of Fiat Fiasco Worldwide
The crypto market looks pretty bloody today after the other day things were looking more optimistic, and crypto enthusiasts believed that we’d witness Bitcoin surpassing the critical level of $10k once again.
The crypto market has been extremely volatile, and analysts are guessing that whales are to blame.
On the other hand, the high volatility did not stop various optimistic predictions about the price of BTC from popping up.
At the moment of writing this article, BTC is trading in the red, and the coin is priced at $9,749.
Bitcoin to rise amidst fiat fiasco
Mark Yusko, founder and chief investment officer of Morgan Creek Capital management, said that he remains bullish on BTC despite the recent dip due to a growing fiat fiasco that’s happening worldwide, according to the latest reports coming from the online publication the Daily Hodl.
During a new interview on CNBC’s Fast Money, Yusko said that he believes there is a correlation between the falling interest rates across the globe and Bitcoin’s bullish run in 2020.
“In a world of rogue central bankers, Bitcoin is king. Interest rates around the world are all going to zero. All of them. US rates are going to zero, Chinese rates are going to zero. They’re all going to zero. It’s all because of demographics, deflation and too much debt,” Yusko said.
He continued and explained that “You can’t pay back the debt. You can’t default on the debt, so you got to inflate it away by devaluing your currency. The central bankers are going to print – that is massively bullish for Bitcoin.”
Bitcoin’s fundamentals are strong
Yusko also said that BTC’s fundamentals are strong as the network approaches the halving which is scheduled for May. This will lower the rate of new supply entering the market by half.
“The best thing about the Bitcoin market today is the fundamentals. The fundamentals continue to increase and improve; adoption is growing; the number of wallets is up; the number of transactions is up; all the fundamentals really continue to get stronger,” he said.
We recommend that you head over to the original article by the Daily Hodl and find out more about what Yusko said.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.