0x0 28 How to make money while crypto is 'outlawed': Billionaire investor's advice

How to make money while crypto is ‘outlawed’: Billionaire investor’s advice

Read Time:1 Minute

– The price of bitcoin jumped 11.3% while the ethereum price skyrocketed a mind-boggling 45.1% over the past week. Meanwhile, XRP XRP XRP is up 15.6%, cardano 12.9%, dogecoin 9.1%, BNB BNB BNB 17.1%, solana 34.5%, and luna 6.5%.

– Last week, Forbes picked the brain of Thomas Peterffy, the billionaire founder of Interactive Brokers, about where the market is headed. Asked about crypto, Peterffy expressed grave concerns over regulation and inflation, which can squash digital assets.

– Regulation is one of the biggest headwinds that can blow off crypto this year. Last month, the Senate introduced the bipartisan Responsible Financial Innovations Act. As the most landmark crypto bill to date, it aims to classify cryptos into securities and commodities and regulate them as traditional assets.

– In a separate provisional deal, the European Parliament also agreed to impose the same reporting standard on crypto that traditional assets are subjected toall to make sure crypto transactions are traceable from the first euro sent.

– As a supposed hedge against fiat debasement, crypto should thrive in such an environment. But so far, its acted more like a high beta asset class thats increasingly correlated with inflation-sensitive tech stocks.

– So, when will crypto bottom out? Should you buy into this asset class, and if so, how much? Peterffy expects the worst is still ahead of us. He thinks risk assets will see further downside, with the S&P 500 potentially falling to as low as $3,000. Still, the billionaire admits to holding bitcoin, and will buy more if it drops to $12,000.

 

Leave a Reply

%d bloggers like this: