Hedge fund legend Paul Tudor Jones and former US politician David Gokhshtein shared why they expect explosive moves from the cryptocurrency market.
David Gokhshtein says cryptocurrency market will explode soon
Known as a politician, Gokhshtein once again shared his bullish stance on Bitcoin. According to his tweet, the leader expects the cryptocurrency to explode soon. Gokhshtein had previously posted similar tweets for Shiba Inu and XRP. Now a few months later it is back on the rise in Bitcoin.
Bullish on $BTC right now.
— David Gokhshtein (@davidgokhshtein) October 10, 2022
By October, Bitcoin price managed to catch up to the $20,000 region again. It even recorded a local high of $20,395 on Oct. But it later dropped to $19,700 after the September jobs report was released. The US Department of Labor’s release of a stronger-than-expected report on unemployment was instrumental in the decline that gripped all markets. The report cites 263,000 new jobs instead of 255,000 new jobs that are predicted to be added to the market. Thus, the unemployment rate decreased from 3.7% to 3.5%.
As a result, the US stock market and Nasdaq index futures fell, taking Bitcoin down the hill with them. “Bitcoin has to explode from here soon,” Gokhshtein said amid the falling market shortly after the report.
#Bitcoin has got to breakout here soon.
— David Gokhshtein (@davidgokhshtein) October 9, 2022
Gokhshtein is not alone, waiting for Bitcoin boom at Tudor Jones
Hedge fund legend Paul Tudor Jones expects the price of Bitcoin to rise significantly in the future due to its scarcity. During a recent CNBC interview, the hedge fund legend said that a “very small” portion of his portfolio is still in Bitcoin. Tudor Jones adds, “I always gave him a small appropriation.” According to him, cryptocurrencies like Bitcoin and Ethereum will be highly valued “at some point” because there is so much money. “I don’t know when that will happen, but it will,” says Jones. In fact, the billionaire predicts that both cryptocurrencies will trade at much higher prices.
Macro uncertainty offers the most ideal opportunities for the cryptocurrency market
Jones believes that a macro environment full of uncertainties is best for investing. According to Jones, we have not felt the consequences of the Fed’s rate hikes to a large extent for now.
"I've always had a small allocation of #Bitcoin, " says @ptj_official. "We're going to have to have fiscal retrenchment. In a time where there's too much money, something like #crypto, specifically #Bitcoin and #Ethereum, that will have value at some point." pic.twitter.com/9ZE8gQitpx
— Squawk Box (@SquawkCNBC) October 10, 2022
Jones claims that U.S. monetary policy was pretty straightforward until 2018. However, in 2020, the Fed went overboard in quantitative easing to support the economy during the pandemic. He then took action to quickly reverse his support. speed causing excessive volatility. Jones addresses these moves of the Fed:
Inflation is a bit like toothpaste. Once you take it out of the tube, it’s hard to get it back. The Fed’s trying to get this taste out of their mouths
Jones also says there have been major experiments with monetary policy over the past 12 years. But the central bank has now made a complete U-turn. cryptocoin.comAs you can follow, interest rate hikes have swept not only the USA, but all over the world.
