The Bitcoin price has surged almost 200% since this time last year, helping the combined Ethereum, XRP, and crypto market top $1.5 trillion for the first time since early 2022 thanks to soaring expectations Wall Street is gearing up to explode into the market.
Now, as rumors swirl of a secret “sovereign” Bitcoin bid, crypto analysts are predicting the huge Bitcoin price rally could be turbo-charged in 2024 as the Federal Reserve restarts its money printer and “debases” the U.S. dollar.
Bitcoin’s historical halving that’s expected to cause crypto price chaos is just around the corner. Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the Bitcoin and crypto market rollercoaster ahead of next year’s historical Bitcoin halving!
The Fed is widely expected to begin cutting interest rates next year following its historical tightening cycle as the rate of inflation slows, with some still expecting the economy to fall into recession.
Huge government spending and Fed money printing since the 2008 financial crisis—sent into overdrive by the Covid pandemic and economically devastating lockdowns—has led to fears the U.S. dollar could be headed for collapse.
In October, Jefferies’ analysts warned the Fed will be forced to restart its money printer in 2024—potentially collapsing the U.S. dollar and fueling a Bitcoin price boom to rival gold.
Earlier this year, Balaji Srinivasan, the former chief Technology officer at crypto exchange Coinbase and a former partner at venture capital company Andreessen Horowitz, predicted “hyper-inflation” would push the Bitcoin price to $1 million by mid-June, putting up $1 million to back his prediction.
Srinivasan lost his $1 million Bitcoin price prediction but said he succeeded in warning people the U.S. dollar is under threat.
The Bitcoin price has rebounded following its huge 2022 crash, helping Ethereum, XRP, and other crypto prices soar.
Rumors of a secret “sovereign” Bitcoin bid and expectations of the Federal Reserve flooding the world with trillions of dollars have rocketed Bitcoin and cryptocurrencies—including Ethereum and XRP—back into the limelight this year. The current Bitcoin surge and predictions for future growth are leading to increased interest and investment in the cryptocurrency market. Stay updated on the latest news and developments by subscribing to Forbes’ CryptoAsset & Blockchain Advisor and the free, daily newsletter, CryptoCodex.
