Experts Expect Bitcoin ($BTC) to Rise Amid Middle East Tension: 3 Altcoins Expected to Follow Similar Path
The post Experts Expect Bitcoin ($BTC) to Rise Amid Middle East Tension: 3 Altcoins Expected to Follow Similar Path appeared on BitcoinEthereumNews.com.
The crypto market has grown momentum recently, with Bitcoin ($BTC) leading the charge and experts predicting a significant rise. However, several Bitcoin alternatives are geared for immense growth during this bull run. Bitcoin ($BTC) Leads to Charge and Sets the Pace for Altcoins to Follow Bitcoin (BTC), the undisputed leader of the cryptocurrency world, has maintained its position as the most trusted digital asset. As the dominant store of value, BTC remains the go-to choice for institutional investors. However, its recent price fluctuations have left some questioning whether BTC can continue to dominate the market in the long term. Bitcoin has faced months of sideways price action but is finally breaking out. In the past week, $BTC has gained over 8%, currently trading at $68,130. While many question Bitcoin’s long-term performance amid rising tensions in the Middle East and the upcoming US elections, Arthur Hayes, former BitMEX CEO, predicts that $BTC will “rise stupendously” as the tension in the Middle East intensifies. In a blog post, Hayes, the co-founder of BitMEX, argued the US government’s financial response to the Middle Eastern conflict would encourage money printing and fuel the next bull run for $BTC’s price. In his post, Hayes explained: “We know that war is inflationary. We understand that the U.S. government must borrow money to sell bombs to Israel.” Adding; “We know that the Fed and the U.S. commercial banking system will buy this debt by printing money and growing their balance sheets. Therefore, we know that Bitcoin will rise stupendously in fiat terms as the war intensifies.” The former CEO further explained that global conflicts, particularly those involving the United States, often lead to monetary expansion. Hayes suggests that with more $USD entering the economy through government debt, Bitcoin, a decentralized asset, will benefit investors as they seek refuge from…
Filed under: News - @ October 20, 2024 5:29 pm