Ethereum and other major cryptocurrencies recovered from lows in June after a sharp crypto crash.
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Last night, the price of bitcoin soared above the much-watched level of $20,000 per bitcoin, but has since fallen below (despite being called “the greatest Ponzi scheme in human history”). Meanwhile, Ethereum has led the mainstream cryptocurrency market higher, helping smaller coins BNBBNB
solana, cardano and dogecoin to recover.
Today, former stockbroker Jordan Belfort, whose 1990s financial crimes inspired the movie The Wolf of Wall Street, released an optimistic bitcoin price forecast, saying the price of bitcoin will “almost certainly” rise in the next three to five years. year.
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The price of bitcoin rose above $20,000 per bitcoin before falling again, pushing the price up by…. [+] ethereum and other top 10 cryptocurrencies BNB, XRP, solana, cardano and dogecoin.
“If you take a horizon of three or maybe five years, I would be shocked if you didn’t make money, because the underlying fundamentals of bitcoin are very strong,” Belfort told Yahoo Finance, adding that “with a fair chance” , investors will “almost certainly make money” over a period of just two years.
Bitcoin’s price has fallen precipitously over the past six months, losing nearly 70% of its value as the US Federal Reserve, like central banks around the world, raises interest rates and begins to ease pandemic-era stimulus. to build. runaway inflation.
Smaller cryptocurrencies saw even bigger declines, with the price of Ethereum, BNB, XRP, Solana, Cardano, and Dogecoin falling even more.
Bitcoin’s collapse in the face of high inflation for decades has damaged its reputation as “digital gold” that had emerged in recent years. However, Belfort expects that bitcoin will eventually trade the same as gold.
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The price of bitcoin has been rising in the last 24 hours, which has helped the price of ethereum, BNB, XRP, …. [+] solana, cardano and dogecoin to recover.
“It doesn’t surprise me at all that [le bitcoin] do that and it would be quite a surprise if bitcoin was already trading as an inflation hedge, because that is still in its infancy,” Belfort said.
“There is no real institutional ownership in bitcoin, for example you don’t have a teacher’s pension fund that owns bitcoin for ten-year coverage, it’s not like that yet. †
Over the past two years, the price of bitcoin has skyrocketed, reaching nearly $70,000 per bitcoin last year, reflecting burgeoning technology stocks that fueled a massive stock market rally.
“Bitcoin has limited supply and as inflation rises, there will come a time when bitcoin will begin to trade more as a store of value and less as a growth stock,” Belfort said.
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