Editor's PiCK
"U.S. $37 Trillion Debt, Concerns Over Weakened Dollar Confidence... Bullish Outlook for BTC, ETH, XRP"
Summary
- It was reported that concerns over the weakened confidence in the dollar due to the U.S. $37 trillion debt are fueling a bullish outlook in the virtual asset market.
- Major coins such as Bitcoin, Ethereum, and XRP have recently shown strong performance, and experts say the upward rally could continue.
- Brian Armstrong, CEO of Coinbase, projected that Bitcoin could reach $1 million by 2030, citing regulatory clarity and institutional adoption as reasons.
As U.S. federal government debt surpasses $37 trillion, concerns over weakened dollar confidence are fueling a bullish outlook in the virtual asset (cryptocurrency) market.
According to Forbes, an American economic media outlet, on the 23rd (local time), Harvard University economist and former Chief Economist of the International Monetary Fund (IMF), Kenneth Rogoff, stated, "Ten years ago, I didn't think Bitcoin would even reach $100, but now the situation has changed." He added, "Dollar confidence is shaking, and this could lead to a strengthening of cryptocurrencies." He warned that with the surging U.S. government debt, "the dollar could lose market share to the yuan, euro, and even cryptocurrencies."
Recently, Bitcoin soared past $124,000 to a new all-time high, and both Ethereum and XRP also saw sharp increases. The virtual asset activities of Elon Musk, CEO of Tesla, and Kanye West have also acted as additional drivers for the rally. Experts believe that major coins such as Bitcoin, Ethereum, and XRP may continue their upward rally.
Brian Armstrong, CEO of Coinbase, projected that "Bitcoin could reach $1 million by 2030," citing regulatory clarity, Donald Trump's strategic Bitcoin reserves, and adoption by Wall Street institutions as reasons.
Previously, Jerome Powell, Chair of the Federal Reserve, hinted at a possible interest rate cut in September during his Jackson Hole speech, which also acted as a positive catalyst. Jesse Gilger, an Unchained investment advisor, analyzed, "An accommodative stance strengthens the narrative of Bitcoin as a 'hedge against fiat currency uncertainty,' and will encourage institutional buying."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.![[New York Stock Market Briefing] Rebound on bargain hunting in blue chips…Apple jumps 4%](https://media.bloomingbit.io/PROD/news/3710ded9-1248-489c-ae01-8ba047cfb9a2.webp?w=250)
