Author: BTCLFGTEAM
-
Bitcoin’s recovery will depend on a lot of macro-activities affecting the market, says Dan Ashmore
-
Coinjournal’s Dan Ashmore says numerous factors, including inflation and rate hikes, have affected the prices of most cryptocurrencies.
-
He told CNBC that Bitcoin’s recovery would depend on numerous macro events affecting the market.
-
Bitcoin and the broader crypto market have lost more than 65% of their value since the all-time high of November 2021.
Bitcoin’s recovery will not happen overnight
Dan Ashmore, a cryptocurrency analyst at Coinjournal, told CNBC in a recent interview that the price recovery of cryptocurrencies will not happen overnight. When commenting about the price collapse last year, Ashmore said;
“Entering 2022, we were at the tail-end of one of the longest and most explosive Bull Runs in recent memory. And then the world is gripped by this inflation crisis post-pandemic. We also experienced one of the swiftest rate hike cycles in recent memories. That sucked the liquidity out of all these risky assets. It is not overly surprising that we have seen this massive pullback.”
The macro climate will play a role in market recovery
At press time, the price of Bitcoin stands at $21,163, down by more than 60% from the all-time high. While commenting on the possibility of price recovery, Ashmore said the macro climate would play a huge role in that regard. He said;
“In the last month or so, we have seen slightly more positive readings. It still has a long way to go, but it is brighter than it looked a month or two ago. We still have a long way to go before we get back to that $69,000 all-time high. This is not going to be an overnight process.”
He added that the rise depends on a whole range of variables in the macro climate going our way. Furthermore, the avoidance of incidents such as the LUNA, FTX, and Celsius crashes could help boost the market in the long term.
-
-
Bitcoin is ‘a hyped-up fraud’
- JPMorgan CEO Jamie Dimon previously slammed Bitcoin as a “Ponzi scheme”.
- On Thursday, he told CNBC’s Squawk Box that crypto is a decentralised Ponzi scheme and that Bitcoin is just “hyped-up fraud.”
- Dimon says people have lost billions of dollars and believes regulators should have put a stop to crypto “a long time ago.”
Not for the first time, JPMorgan CEO Jamie Dimon has labelled cryptocurrencies worthless.
On Thursday, during an interview with CNBC’s ‘Squawk Box,’ the noted crypto sceptic again referred to Bitcoin as nothing but a “hyped-up fraud.” He condemned the benchmark crypto asset as a “pet rock”, expressing his disapproval by dismissing discussions over BTC and other cryptocurrencies as waste of time.
Dimon says crypto ‘doesn’t do anything’
According to the JPMorgan CEO Bitcoin is not a store of value, and he showed his scepticism further by suggesting that there could be more than 21 million bitcoins in the future.
“How do you know it is going to stop at 21 million? Maybe it’s going to get to 21 million, and Satoshi’s picture is going to come up and laugh at you all. And say ta-da!”
Dimon also went ahead to refer to crypto as a decentralised Ponzi scheme. According to him the hype around digital assets has been extraordinary, stating on the CNBC show:
“You guys, you’ve all seen the analysis on Tether, the analysis on all these things – the lack of disclosures and it’s outrageous. Regulators should have stopped all these a long time ago. People have lost billions of dollars. If you look at its low-income people, in some cases retirees.”
On what he had to say about the crypto industry following the collapse of FTX, the JPMorgan exec summed up his outlook by noting that crypto “doesn’t do anything.”
“It’s a pet rock,” he told the Squawk Box hosts, adding that he doesn’t care about Bitcoin.
