Get ‘Mentally Ready’ for Lower Bitcoin Prices as Rates Rise, Bitcoin 2022 Panelists Warn
The macroeconomic landscape for bitcoin (BTC) could become more difficult to navigate as the US Federal Reserve continues to raise interest rates. However, bitcoin is the only way to transition to a new monetary standard, panelists at a discussion on the current macro backdrop at Bitcoin 2022 have argued.
Opening up the discussion, Dr. Jeff Ross, founder and CEO of Vailshire Capital Management, urged the audience to get “mentally ready for what could happen” to the bitcoin price in the short-term.
Bitcoin is still strongly correlated to the stock market, he said, warning that planned rate hikes by the Federal Reserve (Fed) could translate into lower stock prices going forward.
However, Ross still said that bitcoin remains a viable way to store value and save money over the long-term, given how he expects fiat money to decline in value.
People will flock to bitcoin because they need to preserve their purchasing power, he said.
Ross further added that the value of bitcoin over time “approaches infinity,” and said that MicroStrategy CEO Michael Saylor is right when he said that ‘it’s going up forever, Laura.’
Meanwhile, Mark Moss, a popular YouTuber and bitcoin advocate, said that “we’re witnessing a technological revolution and a decentralized revolution,” adding that this comes at a time when there’s a lack of trust in society.
Nations don’t trust each other and people don’t trust their nations, Moss said, noting that “a decentralized ledger” is the best way to fix this.
Similarly, other panelists, including Jeff Booth, a technology entrepreneur and author of the popular book The Price of Tomorrow, said technology is a driver for change today, and that it has “always been a driver.”
This is something that Ray Dalio misses when he
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