Three crypto billionaires, who appeared on the screens again last week, expressed bullish expectations about a special altcoin. In a featured thread, Real Vision founder Raoul Pal suggested that ETH is poised to rise based on historical data.
Raoul Pal voices bullish trend for this altcoin
In the latest episode of the Global Macro Investor newsletter, Pal said that the bullish thesis in the stock market is partly due to the recent weakness of the US dollar index (DXY), which shows that investors are abandoning the security of the dollar in favor of risky assets like stocks and crypto.
According to the Real Vision founder, DXY is displaying a bearish pattern that could support stocks and cryptos. On part of her side, she says, “DXY seems to form a big head-and-shoulder peak. A break of 101 will lead to a significant drop. This means bullish for risky markets like crypto,” he said.
“Ethereum follows Bitcoin”
The macro guru then compared the price movements of ETH to BTC. He stated that when ETH price went from under $2,000 to over $3,000, it resembled Bitcoin’s 2015 price action.
Ethereum is currently trading below the $1,850 zone. It has lost 1.5% in the last 24 hours. On a weekly basis, it’s losing over 13% against BTC’s 69 drop.
Michael Saylor recommends Bitcoin as a potential hedge against inflation
MicroStrategy CEO and Bitcoin bull Michael Saylor recently spoke about the global inflation problem. The crypto billionaire proposes that Argentina buy Bitcoin as a potential hedge against inflation.
Argentina’s economy is in turmoil with rising inflation and public unrest. Saylor, focusing on this issue, says that the country needs Bitcoin.
https://twitter.com/saylor/status/1649874749294608391
Saylor’s suggestion that Argentines should view Bitcoin as a hedge against hyperinflation has garnered a lot of attention. Meanwhile, while cryptocurrencies offer certain advantages such as security, decentralization and financial autonomy, there are potential disadvantages to consider such as market volatility, regulatory pressures and accessibility challenges.
Especially in terms of regulations, the sanctions from the USA in recent weeks have been remarkable. As we quoted as Kriptokoin.com, Binance, Tron and their managers were sued in March. “Crypto is dead in America,” says tech billionaire Chamath Palihapitiya, speaking on US regulations.
“US officials firmly point their guns at crypto”
Palihapitiya’s comment came in response to news that Coinbase is now considering an overseas move. The expert points to the latest moves by SEC chairman Gary Gensler:
Crypto is dead in America. I mean, now Gensler is blaming the banking crisis on crypto. That’s why US officials firmly point their guns at crypto.
Palihapitiya says the US sees cryptocurrencies as a threat. However, the tech investor attributed some faults to the industry: “To be fair to regulators, [the crypto sector] has pushed the boundaries more than any other sector of the startup economy.”
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