It’s been a week of polarizing opinion in crypto news. Whether it’s cryptocurrency fund managers predicting $100K bitcoin by the end of the year, Peter Schiff saying things “will only get worse as the recession deepens,” or Bill Gates slamming crypto and NFTs, citing the Greater Fool Theory, there’s been no shortage of spicy debate and notable economic forecasting going on. Read about it all right here, in this week’s Bitcoin.com News Week in Review.
Major financial services firm PWC has conducted a study and found that the majority of crypto fund managers surveyed believe that the price of bitcoin would be between $75K and $100K by the end of this year.
The U.S. Federal Reserve raised the federal funds rate by 75 basis points (bps) on Wednesday, and it was the largest increase since 1994. According to the Fed members’ expectations, the central bank will likely add another 1.5 percentage points by the year’s end.
Economist and gold bug Peter Schiff has made some dire predictions about cryptocurrency, particularly bitcoin and ether. He explained that “The need to sell bitcoin to pay the bills will only get worse as the recession deepens.”
Microsoft co-founder Bill Gates says crypto is an asset class that is 100% based on the Greater Fool Theory. The billionaire also mocked Bored Ape NFTs, stating: “Obviously, expensive digital images of monkeys are going to improve the world immensely.”
What are your thoughts about the conflicting views on bitcoin and crypto from Bitcoin.com News’ hottest stories this week? Let us know in the comments section below.
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Published at Sun, 19 Jun 2022 12:00:32 +0000