Why The Crypto Price Is Likely To Grow Higher Than Its Present Levels?
Mohamed A. El-Erian, an economic advisor at Allianz, identified a reason why the price of crypto is likely to grow higher than its present levels during an interview on CNBC’s Squawk Box show today.
According to the economist, the Fed may be pressured to modify the inflation objective from 2-3% since they are likely to understand that achieving the first set aim of 2% is difficult and that failing to do so would damage their credibility. El-Erian believes that cryptocurrency and gold will rise in value in this situation.
Robert Kiyosaki, the author of the bestselling book “Rich Dad, Poor Dad,” who has long been a real estate investor and has recently switched to Bitcoin, silver, and gold, tweeted earlier today that Bitcoin, as well as XAU and XAG, are attractive purchases currently owing to the present economic situation. Bonds, he believes, are the riskiest investment right now.
Peter Schiff, a long-time Bitcoin sceptic and chairman of SchiffGold, took to Twitter today to criticize Bitcoin as the price went below $39,000. BTC was at an 80-day low at the time. He tweeted that BTC remained above that level throughout the weekend; but, when equities and gold trade resumed on Monday, Bitcoin, like tech stocks, dropped to a low of $38,500.
By declining, Bitcoin has “maintained its inverse correlation with gold,” according to Schiff.
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