Crypto Geared For ‘Stampede’ As Legendary Investor Issues $200 Trillion Warning After Wild Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon and Solana Price Swings
BitcoinBTC, ethereum and the broader crypto market have soared this year, although the price rally has stalled this week when a leaked memo revealed a secret Democrat plan for a US crypto crash.
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The Bitcoin price boom has been fueled in part by the US banking crisis that put crypto back in the spotlight and boosted the ethereum price along with top ten cryptocurrencies BNBBNB, XRPXRP, cardano, dogecoin, polygon and solana.
Now, after legendary investor Stanley Druckenmiller warned of a $200 trillion US debt burden, MicroStrategyMSTR founder Michael Saylor has predicted a bitcoin “stampede” due to a loss of confidence in the US dollar and the banking system.
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“The meltdown in banks and the meltdown of currencies is driving a rush of smart money into bitcoin,” Saylor, who has led his software company to buy 140,000 bitcoins worth $3.7 billion over the past three years, told YouTuber David Lin .
“If you lose confidence in the currency, the banks, then you lose confidence in fiat currency as money. And so the money dies,” said Saylor, pointing to the difficult economic situations in Venezuela and Argentina where inflation has spiraled to threefold. digit percentages.
“If I can’t trust the bank, if I can’t move the money across borders and if the currency loses value every year or every month, then I start thinking about commodity money,” like gold and bitcoin.
Saylor’s “stomped” prediction comes hot on the heels of tech investor Balaji Srinivasan’s failed $1 million bitcoin price bet, who admitted he had “burned a million to tell you they’re printing trillions.”
Srinivasan’s $1 million bitcoin price prediction was triggered by the banking crisis that has led to some of the biggest bank failures in US history, with fears that the collapse of Silicon Valley Bank and First Republic could spill over into PacWest and other regional banks.
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Meanwhile, the United States is hurtling toward the first-ever U.S. debt default that could happen as soon as next month, as a standoff between President Joe Biden and the Republican-controlled House of Representatives continues.
Earlier this month, billionaire investor Stanley Druckenmiller warned that the official debt limit of $31.4 trillion could be dwarfed by the $200 trillion debt pile when future entitlement payments are factored in.
Druckenmiller compared the debt ceiling and tax spending to “worrying whether a 30-foot wave will damage the pier when you know there’s a 200-foot tsunami just 10 miles away,” in a speech reported by Bloomberg.
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