“Get ready for a wild ride! A finance expert warns that a ‘literal perfect storm’ is gathering strength, creating a captivating opportunity for Bitcoin that no investor should ignore.”
Bitcoin is experiencing a resurgence in 2022 after a significant price decline. It is currently trading between $20,000 and $30,000, showing an uptrend year-to-date. Financial expert Dave Weisberger, CEO of CoinRoutes, believes that a combination of institutional developments and macroeconomics has created the perfect storm for Bitcoin to break out of its consolidation range.
Weisberger points to the ongoing mistrust of trusted institutions, such as banks and governments, as well as the current macro environment characterized by rising interest rates and inflation, as factors contributing to this perfect storm. He also highlights the growing institutional adoption of Bitcoin as a major driver for its price increase in the long term.
However, Weisberger acknowledges that Bitcoin remains a volatile asset and its price could fluctuate significantly in the short term. He also mentions that the block subsidy halving could have an impact on prices next year.
In discussing whether Bitcoin is a risk-on or risk-off asset, Weisberger notes that historically, Bitcoin has been considered a risk-on asset, moving in tandem with other risky assets like stocks. However, he believes that Bitcoin is becoming more of a risk-off asset over the years, seen as a safe haven during economic turmoil.
Weisberger expresses a bullish bias on Bitcoin in the long term, stating that it is a risk-off play with significant upside potential. He sees Bitcoin as the future of money and believes it will eventually surpass gold in value. However, he advises investors to avoid crowded trades and urges them to do their own research before investing.
Overall, Weisberger’s insights shed light on the current state of Bitcoin and its potential for future growth. The interview provides valuable information for investors looking to understand the dynamics of the cryptocurrency market and make informed decisions.