It’s been a week of polarizing opinion in crypto news. Whether it’s cryptocurrency fund managers predicting $100K bitcoin by the end of the year, Peter Schiff saying things “will only get worse as the recession deepens,” or Bill Gates slamming crypto and NFTs, citing the Greater Fool Theory, there’s been no shortage of spicy debate and notable economic forecasting going on. Read about it all right here, in this week’s Bitcoin.com News Week in Review.
PWC Survey: The Majority of Crypto Fund Managers Predict Bitcoin Will Reach $100K in Year-End
PWC, the major financial services firm, conducted a survey and concluded that crypto fund managers think that bitcoin’s price will be anywhere from $75K to $100K at the end of the year.
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US Central Bank Hikes Benchmark Rate by 75 bps, Fed’s Largest Increase Since 1994
On Wednesday, the U.S. Federal Reserve increased the federal funds rates by 75 basis points. This was the biggest increase in the rate since 1994. According to the Fed members’ expectations, the central bank will likely add another 1.5 percentage points by the year’s end.
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Economist Peter Schiff Explains Why He Expects Bitcoin to Crash as Recession Deepens — Warns ‘Don’t Buy This Dip’
Peter Schiff is an economist and goldbug who has predicted the worst for cryptocurrency and especially bitcoin and ether. He explained that “The need to sell bitcoin to pay the bills will only get worse as the recession deepens.”
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Bill Gates: Crypto Is 100% Based on Greater Fool Theory — ‘I’m Not Involved in That’
Bill Gates, cofounder of Microsoft, says that crypto is an investment class that is 100% based upon the Greater Fool Theory. The billionaire also mocked Bored Ape NFTs, stating: “Obviously, expensive digital images of monkeys are going to improve the world immensely.”
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What are your thoughts about the conflicting views on bitcoin and crypto from Bitcoin.com News’ hottest stories this week? Please leave your comments below.
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