In a recent update, Zach Pandl, managing director of research at crypto asset management firm Grayscale Investments, said that Bitcoin will skyrocket
Bitcoin price is likely to skyrocket in the near term, regardless of the outcome of the upcoming US election, according to a recent statement by Grayscale Investments.
This bullish prediction comes as the U.S. dollar faces increasing challenges. However, the crypto asset management firm is optimistic about Bitcoin’s long-term potential.
Grayscale Exec Makes Bold Bitcoin Prediction
In a recent interview with DL News, Grayscale managing director of research, Zach Pandl, shared his bullish outlook for Bitcoin. The discussion touched upon the upcoming U.S. presidential election and its potential impact on the crypto markets.
However, despite the significance of the election, Pandl emphasized that long-term macroeconomic trends will continue to unfold regardless of the outcome. This statement highlights Grayscale’s belief in the resilience and inherent value of Bitcoin.
Pandl, who previously worked as a macroeconomics and markets strategist at Goldman Sachs, expressed his concern regarding the potential depreciation of the U.S. dollar over the next 10 to 20 years, if not sooner.
According to him, if this scenario plays out, we could see a substantial increase in Bitcoin’s value relative to the U.S. dollar. This potential appreciation is due to Bitcoin’s limited supply of 21 million coins.
As the U.S. government continues to issue more debt, which currently stands at nearly $33.2 trillion, concerns about the dollar’s stability are rising.
If demand for U.S. Treasury bonds falters, the government may resort to printing more money to meet its financial obligations. This scenario could lead to inflation, impacting the purchasing power of the U.S. dollar.
In such an environment, Bitcoin, with its capped supply, would naturally emerge as a strong hedge against monetary debasement, attracting attention from investors seeking to preserve their capital.
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