There is a potential for a new Bitcoin price run as the U.S. dollar currency index (DXY) has dipped to a new low of 92.28.
By Godfrey Benjamin
Updated
2 mins read
Days after Tyler Winklevoss, co-founder of Gemini exchange said that the Federal Reserve under Chairman Jerome Powell is the biggest booster of Bitcoin’s (BTC) price, Andy Yee, senior director of public policy at Visa has made a new case capable of contributing to the long-predicted Bitcoin price’s bullish run.
These comments are as a function of the speech by Chairman Powell in which he maintained a stance on stirring inflations in a bid to get the economy back fully on its feet. In his tweet, Yee said:
https://twitter.com/ahkyee/status/1298976526361214976
While Tyler’s earlier prompt stirred new interests among crypto user, Yee’s call has undoubtedly made a new case for bitcoin, to the advantage of skeptical investors.
There is a potential for a new Bitcoin price run as the U.S. dollar currency index (DXY) has dipped to a new low of 92.28. The dip experienced in the dollar currency index was arguably spiked by Chairman Powell’s speech on Thursday.
As noted, the dip in the dollar currency index is good for safety assets such as Bitcoin and Gold. Bitcoin’s latest bull run coursing the price at $12,500 was stirred by the dip in the DYX and indications points to additional run this time.
While many still argue on the most viable asset that can help hedge against inflation between Bitcoin and Gold, the Founder and CEO of Real Vision Group and Global Macro Investor Raoul Pal said in his stating his belief that the price of both assets will rise in the future.
I know bitcoin and gold are selling off right now and may go further but with Powell today, it tells you they have no desire to raise rates and a skewed desire to print more. That plays to the inherent upside skew in both assets.
I think they both rise over time in inflation 1/
— Raoul Pal (@RaoulGMI) August 28, 2020
With many predictions out there favoring a massive hike in the price of Bitcoin, the words of Saifedean Ammous, author of the popular book, “The Bitcoin Standard,” that “time will tell” is best aligned with as the volatility in the crypto sphere can tilt in any direction.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
