It was a week of divergent opinions in crypto news. A cryptocurrency fund manager predicts $100,000 bitcoin by the end of the year, Peter Schiff says “things are only going to get worse as the recession deepens,” Bill Gates cites the “Big Dumb Theory” to blame crypto and NFTs, and a week with no shortage of painful discussions and notable economic forecasts It’s been a week full of hard-hitting debates and notable economic predictions. Read all about it in this week’s Bitcoin.com Newsweek in Review.
PWC: Majority of crypto fund managers surveyed predict Bitcoin could reach $100K by year-end
Leading financial services firm PWC conducted a survey and found that the majority of crypto fund managers surveyed believe that the price of bitcoin will be between $75K and $100K by the end of this year.
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US Central Bank Raises Base Rate by 75 bps, Fed’s Biggest Hike Since 1994
Hike
The Federal Reserve raised the Federal Funds rate by 75 basis points (bps) on Thursday, the largest increase since 1994, and Fed members expect the central bank will likely add another 1.5 percentage points by the end of the year, according to a Fed member.
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Economist Peter Schiff explains why he expects bitcoin to crash as the recession deepens – warning “Don’t Buy This Dip”
Economist and gold bug Peter Schiff has some dire predictions about cryptocurrencies, especially bitcoin and ether. He explained that “the need to sell bitcoins to pay bills will get worse as the recession deepens.”
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Bill Gates Crypto is 100% based on Greater Fool theory – “I’m not in on it”
Microsoft co-founder Bill Gates has stated that crypto is an asset class that is 100% based on Greater Fool Theory. The billionaire also ridiculed the Bored Ape NFT, stating:” Obviously, expensive digital images of monkeys are going to improve the world immensely.”
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