Famous billionaire Chamath Palihapitiya after Fed Chairman Jerome Powell’s latest comments cryptocurrency He is of the opinion that the market may witness further bursts to the upside.
Speaking in a new episode of the All-In Podcast, Palihapitiya evaluated President Powell’s statements during the Federal Open Market Committee meeting last week. The billionaire detailed his views on the cryptocurrency market, noting that the Federal Reserve is signaling that future rate hikes are starting to slow down.
Powell had an extremely hawkish attitude in December. It was basically ‘Listen, we’re going to keep rates higher and longer than you want’. He was very clear and the markets reacted to it.
After 35 or 40 days, he announced that we essentially have two 25 basis points hikes left and that he will essentially try to go down.
NEWS CONTINUES BELOWWhile the conversation still seems hawkish, what actually happened shows complete surrender. The markets are now starting to enter the OK mode. I’ve said it before, but it tends to hit bottom six to nine months before things become clear. Therefore, I can say that the rally will not come in the short term.
Chamath PalihapitiyaAccording to the markets, bitcoin It could reflect the price action of late 2018 to early 2019, a period in which (BTC) and crypto are booming.
At the end of 2018, markets tumbled, and part of that was when Powell would raise rates, inflation spiraling out of control. Then we had all this data that said China could be entering a period of real sluggishness, and Powell capitulated, trying to descend again. Long story short, it didn’t, it was a scam and the markets went higher…
I think we’re about to repeat that a bit. At least we will see more pain in the next 30 to 90 days.