Crypto:
29213
Bitcoin:
$64.019
% 1.68
BTC Dominance:
%54.2
% 0.10
Market Cap:
$2.29 T
% 0.46
Fear & Greed:
65 / 100
Bitcoin:
$ 64.019
BTC Dominance:
% 54.2
Market Cap:
$2.29 T

Analysts Stated the Increased Appeal for Bitcoin!

Bitcoin

Analysts have said that Bitcoin has emerged as an attractive option for portfolio diversification in an environment where inflation is becoming permanent.

Bitfnex Derivatives President Jag Kooner, suggested that various macroeconomic adversities in 2024 might enhance the safe-haven status of assets such as Bitcoin, gold, and silver.

“It’s expected that permanent inflation levels below the comfort zones of central banks worldwide will cause interest rates to remain high for a while. This scenario could negatively impact current market expectations concerning early loosening of monetary policies in developed markets. This could lead to some disappointments among investors,” he added.

Kooner mentioned several factors that could hamper market growth next year. “Considering the year 2024, the outlook for stock markets seems to be more challenging. Modest earnings growth and several geopolitical risks are expected to exert a downward pressure on the stock markets.

As an estimate, 2024 might just see a modest growth year. “The S&P 500 could only see a modest earnings increase of 2% to 3%, and there could be a target of 4,200 with a downward trend for the index,” he said.

Macroeconomic Fluctuations

TRES Co-Founder Tal Zackon, in his statement, said that the newly approved spot Bitcoin ETFs have facilitated traditional investors’ use of Bitcoin as a hedge against inflationary pressures.

Zackon also pointed out a number of factors supporting Bitcoin’s status as a safe haven under uncertain macroeconomic conditions.

“The Bitcoin halving in April, which is a unique mechanism that limits the supply, re-confirms the potential of Bitcoin as a strong tool against severe inflation,” he added.


Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on TelegramYouTube and Twitter for the latest news and updates.

Leave a Reply

Your email address will not be published. Required fields are marked *