Bitcoin is somehow able to maintain its $60K price spot, and while the rest of the economy is taking a toll, Bitcoin seems to be doing just fine. According to the co-founder of PayPal, Peter Thiel, the current price of Bitcoin definitely points towards an ongoing economic crisis in the world. Whenever world markets were in a tumble back in the day, Bitcoin was also affected by this change, but this time around, the scales have been tipped the other way around. The very aspect of Bitcoin keeping hard on the $60K price set means that there is a crisis out there, and Bitcoin might be the reason for it.
One can’t help but scratch their head that while the rest of the country and financial markets are suffering from an economic collapse which was considered an after effect of the COVID-19 pandemic by experts, why crypto market is turning a profit or remaining consistently afloat during the ongoing crisis? One of the reasons why there is so much inflation is because the Fed keeps on printing money without any remorse and or a specific measure at hand; there is not even a very tactful reason for why it is doing so. All of this has directly affected investors in shifting their focus from the conventional markets to invest into the crypto market, they have made digital assets the new hedge against inflation, and this is why the global economy is in ruins.
Fed is Responsible for Inflation
Decentralization has only gotten more popular as investors are running towards it, making digital assets a hedge against inflation. If this thing continues, then it is not long before conventional markets would collapse and be done for, and the crypto market will become the ultimate measure of wealth and would achieve a sparkling position among the gold.
If this pumping of money from investors into the crypto market continues, then it would give rise to more inflation, and the global economy would continue to suffer because of it. What needs to be done is that the Fed should take this whole thing with a bit more seriousness. It is not the crypto market on which the fate of the U.S economy rests; these are the conventional markets from where the investors are running like crazy towards the crypto market.