Without sounding like a FUD conjurer, we will see a couple more crypto financial crises before crypto bounces back. There is talk of a recession in the US, UK and Australia next week. But it's safe to say that most advanced economies won't avoid recession next year if it does happen. We might see another exchange collapse under immense selling pressure.
The most disappointing thing is that Bitcoin was marketed as an inflationary hedge, a store of value you can turn to in times of financial strife. We have seen the exact opposite because the truth is Bitcoin and crypto as a whole has never been tested in a financial crisis before. I know people say to look to the long-term, but Bitcoin failed one of its first major tests. Maybe it's just too early for BTC to be at that level.
One thing I do know is Bitcoin will bounce back. It could be 2023, maybe 2024, but it will bounce back because it always does, and people have learned to stop betting against Bitcoin. Will it test all-time highs when it does bounce back? Maybe not at first.
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I bet it's going to be 2025 before we see any new all time highs again. I'm expecting 2023 to be a bloodbath. Financially and literally.
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