Investors Focus on Bitcoin Amid Financial Turmoil in the US
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Recent financial turmoil in the US has redirected investors’ attention to Bitcoin (BTC). On August 5, the collapse in stock indices and the cryptocurrency market was linked to the unwinding of the Japanese yen carry trade. Japanese investors had bought stocks and cryptocurrencies with low-interest yen for high returns, but the sudden appreciation of the yen forced them to sell assets and repay debts, deeply affecting global markets.
“The US’s Way Out is to Print Dollars”
Strike CEO Jack Mallers predicts that the US will find a way out of its economic difficulties. According to Mallers, the US lacks the conditions for a strong dollar, but a weak dollar is also unacceptable.
Low interest rates and rising borrowing costs could further strengthen the US dollar, leading to economic problems. Mallers stated, “When it becomes difficult for the US to finance its dollar debts, asset sales and interest rate cuts may become inevitable. Eventually, the path of printing money will be taken.”
Mallers Predicts Bitcoin’s Bright Future
Mallers believes that the US will print dollars in response to these economic issues, creating a significant opportunity for Bitcoin. He explained this view by stating, “Injecting new US dollars into the system will allow Bitcoin to appreciate faster than other asset classes.” Mallers indicated that Bitcoin will take a leadership role in this process, with the S&P 500 following the largest cryptocurrency.
At the time of writing, Bitcoin is trading around $61,000, with a 3.31% increase in the last 24 hours. Along with developments in the cryptocurrency market, Mallers’ prediction is likely to boost investors’ hopes for Bitcoin’s future performance.
During periods of increased uncertainty in the cryptocurrency market, statements from figures like Mallers reinforce the belief that Bitcoin will be a long-term profit gateway.
The post first appeared on COINTURK NEWS: Investors Focus on Bitcoin Amid Financial Turmoil in the US
The post Investors Focus on Bitcoin Amid Financial Turmoil in the US appeared first on COINTURK NEWS.
