Bitcoin Will Surpass $50ki 2023 As Fed Swings, But Won’t Reach All-Time High – Ran Neuner

https://www.youtube.com/watch?v=/jcIFKigBq6w

When the Federal Reserve swings and cuts interest rates, Bitcoin will rise above $50,000 this year, although it will not reach a new all-time high. That’s according to Ran Neuner, founder and host of Crypto Banter.

“Between now and the end of the year, I definitely see Bitcoin going above $50,000,” Neuner told Michelle Makori, Lead Anchor and Editor-in-Chief of Kitco News.

Neuner, who is also the co-founder and CEO of OnChain Capital and has more than two decades of experience in finance, claimed that “we are entering a [Fed] loosen cycle.”

“As much as [Fed Chair] Jerome Powell gave a very strong speech at his last conference, the market did not believe what he said,” observed Neuner. The market expects three interest rate cuts this year.”

Neuner’s forecast comes in the middle of a tightening cycle from the Fed, where the Fed raised the key rate by 25 bps on March 22. The Federal Reserve has raised interest rates by 475 bps over the past year in an effort to combat high inflation.

To find out when Neuner predicts Bitcoin will reach its new all-time high, watch the video above

Binance Woes Continue

The world’s largest crypto exchange, Binance, is facing a lawsuit from the Commodity Futures Trading Commission (CFTC), which accuses the company of knowingly evading federal law and operating an illegal derivatives exchange. Binance’s CEO, Changpeng Zhao (CZ), and its chief compliance officer are also being sued.

Neuner said Binance would most likely end up paying a fine based on civil proceedings, but there could also be “criminal” charges down the road.

“When I read the allegations in these documents, many of them strike me as criminal,” he said. “If we get a criminal case, then I think the game changes a little bit… that could lower the price of crypto, and could send shock waves down the crypto ecosystem.”

Neuner claimed that it is not entirely clear where Binance operates, but Neuner nevertheless suggested that the US operations are “squeaky clean” with respect to the law.

“You can mess with regulators in the Seychelles and Mauritius and those kinds of jurisdictions, but you don’t want to mess with regulators in the United States,” he said. “I suspect that Binance US was indeed run properly.”

Bitcoin rally

Despite problems with Binance, Bitcoin is up 72 percent year-to-date, and the total crypto market capitalization is up 49 percent since January.

Although central banks around the world have tightened monetary policy, Neuner argued that more liquidity had actually fueled the recovery.

“There is more liquidity in [United] States in response to the banking collapse,” he explained. “There is more liquidity in China because China is starting to stimulate its economy again … You have the Bank of Japan trying to defend the yen, putting more liquidity into the market.”

Neuner suggested that Bitcoin in particular had rallied due to its growing role as a safe haven amid financial and geopolitical instability. This made it similar to gold, which is traditionally seen as a hedge against uncertainty in the markets.

“If you watch [Bitcoin] now it’s actually starting to have a higher correlation to gold,” Neuner observed. “People are starting to appreciate that it can actually be an improvement on gold.”

To find out the looming threats Neuner sees for Bitcoin, watch the video above

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