According to Bernanke bitcoin has some serious problems.
The positive sentiment is driven by the world’s largest assets manager firm BlackRock recently announcing its tokenized fund targeting Ethereum’s BUIDL products.
Dimon expressed his well-known skepticism about Bitcoin, highlighting its uncertain use cases and involvement in illegal activities.
According to the official, the use of dollar stablecoins in the decentralized finance sector is good because it strengthens the USD.
A UBS strategist says that both gold and Bitcoin will benefit from the Fed when the agency decides to cut interest rates.
Fidelity Digital suggests that 2024 might witness a resurgence of institutional interest in DeFi yields.
Despite the uncertainty in traditional markets, Bitcoin’s resilience may be supported by the anticipation of the launch of a spot ETF in the United States.
The Fed rate cuts could lead to monetary easing allowing fresh funds to flow into risk-on assets such as Bitcoin and other cryptocurrencies.
The Bureau of Economic Analysis reported that GDP increased at a 4.9% annualized rate in Q3, slightly below the previously reported 5.2% pace.
Positive economic indicators, such as an 18% surge in groundbreaking new single-family homes in November, contributed to the optimistic outlook.
The three major indexes, the S&P 500, the Dow, and the Nasdaq are enjoying a continued rally as the market hopes for rate cuts.