Expert Makes Bold Call: It’s Time To Swap Your Dollars For Bitcoin
27 Aprile 2024 - 3:00AM
NEWSBTC
Billionaire investor Anthony Scaramucci, the founder of SkyBridge
Capital, recently discussed the viability of financial assets. He
took to X, a social media platform previously known as Twitter and
owned by Elon Musk, to highlight the decreasing purchasing power of
the United States dollar in comparison to the potential of Bitcoin
(BTC). US Dollar Vs. Bitcoin Value Performance In the post on X,
the SkyBridge Capital founder pointed out that a dollar from 2020
is now only worth about 75 cents, underscoring a significant
devaluation due to inflation. Related Reading: Is A $72K Bitcoin
Surge On The Horizon? Glassnode’s Latest Analysis Points To An
Answer According to Scaramucci, this scenario illustrates why
investors should reconsider traditional fiat currencies as a
reliable store of value, advocating instead for the inherent
benefits of digital assets like Bitcoin. Dollar from 2020 is now
worth 75 cents. Buy Bitcoin credit @balajis
pic.twitter.com/WzIosKfJv2 — Anthony Scaramucci (@Scaramucci) April
26, 2024 Scaramucci’s critique comes at a time when the global
economy grapples with heightened inflation rates, which have eroded
the real value of fiat money. He specifically cited a “25.14%
compounded inflation rate” as a critical indicator of why the
dollar is losing ground. In contrast, Bitcoin has not only
maintained a strong profile but has also appreciated in value,
further cementing its position as a viable hedge against inflation
and a potential safe haven for investors. So far, Bitcoin’s market
performance has been quite appealing. Particularly, despite the
significant downturn experienced in the past few years, the asset
has managed to come out of the bloodbath and recently soared to an
all-time high above $73,000 in March. This peak performance labels
Bitcoin as not just a digital asset but a major player in the
global financial landscape. However, despite Scaramucci’s bullish
outlook, it’s worth noting that Bitcoin has seen its share of
volatility. It has been struggling to maintain its appeal recently,
with a modest 0.9% increase in the last 24 hours – a slight
recovery from a 2% drop over the past week. BTC Shifting Market
Sentiments Further insights into the market’s behavior towards
Bitcoin reveal changing dynamics. Data from CryptoQuant highlighted
a negative turn in the Bitcoin funding rate for the first time
since October 2023, indicating a cooling interest in speculative
trading on the asset. This shift suggests that while the long-term
outlook might still be strong, short-term investor sentiment has
become cautious, possibly awaiting clearer signals before making
further commitments. The current market sentiment is also reflected
in the technical analysis of a prominent crypto analyst, Ali. In
Ali’s recent post on X, a notable mention was made of a “death
cross” seen in Bitcoin’s 12-hour chart, where the short-term moving
average dips below a long-term counterpart, traditionally a bearish
signal. Additionally, the Tom Demark (TD) Sequential indicator
points to potential price reversals after a consistent trend,
adding another layer of complexity to Bitcoin’s trading strategy.
Related Reading: Is Bitcoin’s Rally Over? Leverage Drops As Halving
Highs Fade: Report Despite these potentially bearish indicators,
on-chain data from Santiment shows an interesting trend: Bitcoin
whales have increased their holdings significantly, now owning
25.16% of the total supply. This accumulation suggests that while
retail sentiment may be bearish, large-scale investors are seeing
the dips as buying opportunities, potentially prepping for a future
bullish run. Featured image from Unsplash, Chart from TradingView
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