Brownstone Institute Is Pessimistic on Bitcoin
After the recent correction in the market, Jeffrey Tucker, the founder of the US-based Brownstone Institute, argued in an interview with Kitco News that Bitcoin has a long way to go to exit the bear market, while suggesting that BTC may retest the $10,000 level.
According to Tucker, while the cryptocurrency market remains risky at the moment, he warns investors to buy from the bottom.
“Personally, I don’t believe it’s a good time to enter the cryptocurrency market. I think we have a long way to go to get out of the current bear market. Right now I can say that if you want to make money, the cryptocurrency market is probably a very risky place for your money. Bitcoin costs $10,000. It may even fall further below this level.”
Significantly battered by the prevailing macroeconomic condition driven by inflation and rising interest rates, Bitcoin has to deal with a new crisis. Tucker suggested that the main focus should be on regulation as it will influence the next price trajectory of the asset. The executive noted that regulations for the cryptocurrency industry remain, but if there is a regime change in Washington, it would be a good development for Bitcoin.
At the same time, Tucker claimed that traditional financial institutions do not want the crypto industry to grow and therefore plans to issue central bank digital currencies (CBDC) will come to fruition. Despite ongoing research into CBDCs, Tucker cautioned that such a currency would be a ‘disaster’.
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