Crypto CEO Talks Recession, Trends in Market, and Inflation Affect on Cryptobr>
With the ominous threat of recession, what will happen to crypto and other “hedges” against inflation?
Below are statements from Ben Weiss, CEO and co-founder of bitcoin ATM operator CoinFlip.
Current Crypto Market Outlook
As with traditional markets, parts of the crypto market will always be a complete mystery and up to chance. Obviously crypto has seen a decline in the last few weeks and it is certainly possible that it may dip lower in the short term. That said, Bitcoin has been the best performing asset of the past decade and has survived many ‘winters’ despite similar predictions of its death. The fundamentals of Bitcoin have never been stronger so I am optimistic of the long term price of Bitcoin and I am personally buying at these prices.
Inflation and Crypto
Bitcoin has a fixed amount of 21MM coins which makes it a ‘hard’ asset that seemingly should act as a hedge against inflation because supply is limited. However, inflation has wiped away disposable incomes and savings which means investors have less money to invest in Bitcoin. If people have to spend more on daily living expenses, such as gas and food, that leaves less money for investing in assets. This is largely why there has been downward price pressure and assets have gone down across th