People turn on the old money system and put their hope into Bitcoin
People turn on the old money system and put their hope into Bitcoin
With most Reserve Banks around the world lifting interest rates around the world the crypto market and financial market more broadly is hesitant to invest in assets and stocks.
While the Bull run on Bitcoin may appear to be lagging it’s price hasn’t particularly changed all that much indicating that there is still hope for further price increases once markets steady and consumer confidence returns.
Currently the price of Bitcoin is trading at US$28,346 $US28,274 at time of writing and while it hasn’t broken it’s previous yearly high of almost $US31,000 it hasn’t slumped which is a good sign for punters and speculators alike.
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Investor concerns
The major concerns currently faced by investors is liquidity and not the exchange kind but rather if RBA’s keep lifting interest rates it will continue to dry up people’s buying power and less funds will enter the investments world.
On the other hand, The current market continues to remind us why Bitcoin was established as an alternative to the mainstream financial system. The current situation has even seen politicians lashing out at Reserve Bank Governors due to the heavy burden these interest rates are having on families.
Nation’s like Turkey have turned to utilising Bitcoin to beat inflation and their tumbling currency with Turkey nationals now at the highest level of digital currency owners in the world with 27% of their population owning some form of digital currency.
Argentina comes in second with 23.5% of their population holding a digital currency to avoid inflation and maintain wealth through hardship and government economic hardship.
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Further developments are occurring within the crypto space with an Aussie company, CoinJar set to commence trading a centralised exchange in the US despite the regulatory uncertainty and the current market.
To add insult to injury to the old financial services world Bank stocks continue to taken a dive as investors turn to Bitcoin and Ethereum and while Crypto currencies haven’t been a hedge against inflation which could be attributed to the FTX collapse and many other operators in the industry, they’re still attracting billions of dollars.
Ethereum climbs
Ethereum has sored to new yearly highs since it’s hard fork and has seen significant price growth since March.
All around the world people have the same belief that their Federal Reserve Banks have mad an error a recent study in the US returned a 64% in belief that the Feds have got it wrong, shadowing Australian politicians who are saying inflation isn’t just driven by money in the economy but rather supply and logistic issues and businesses unable to procure staff slowing down the supply chain.
How will this year end? Hopefully better for all
Image sources provided supplemented by Canva Pro, This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
