Bitcoin (BTC) started 2023 with more than 74% gains, but the world's largest token by market capitalization could more than double next year, according to Bob Ras, co-founder of blockchain firm Sologenic.
Bob Ras Points To Halving In Bitcoin For The Next Record
According to Ras, the main trigger will be the halving process, which means halving the rewards for miners. This transaction aims to reduce the token supply and has historically led to price increases.
“By the time Bitcoin halving begins a year from now, we will likely have passed the previous all-time high,” Ras said.
According to Ras, this means that Bitcoin has surpassed the $69,000 level it reached in November 2021, from around $29,000 on Friday.
On the other hand, Ras stated that BTC has already demonstrated his belief that the FED will follow a looser policy. Ras thinks the BTC rally points to a future that means a return to lower interest rates and more quantitative easing.
Ras explained his thoughts on the subject as follows:
“The changing macro picture with signs of slowing economic growth indicates that the FED will soon have to lower interest rates and inject ample liquidity into the market.
If the Fed does not do this, we could face a serious contraction, punctuated by a possible credit crunch. Either way, all roads seem to lead to monetary policy easing sooner or later.”
*Not investment advice.