Cryptocurrency Surge Fueled By Mistrust Of Central Banks, Uncertainty About U.S. Debt

Cryptocurrency Surge Fueled By Mistrust Of Central Banks, Uncertainty About U.S. Debt

Via Just The News:

Fueled by mistrust of central banks and uncertainty about the debt-laden future of the United States, the ongoing surge in prices for cryptocurrency will likely continue for now, market experts told Just the News.

The price of one Bitcoin, the most valuable of the cryptocurrencies, shot up from $9,876.23 on Feb. 16, 2020 to $49,133.33 Tuesday, a far cry from the mere $123.65 recorded on Oct. 1, 2014, the earliest date available on the CoinDesk, a news site specializing in bitcoin and digital currencies.

CoinDesk reported the price of Ethereum, another cryptocurrency, stood at $1,778.92 on Tuesday, compared to $267.35 on Feb. 15, 2020 and just $1.69 on Aug. 13, 2015, CoinDesk’s earliest recorded date available. 

Mitch Roschelle, founding partner of Macro Trends Advisors LLC and a former partner at the financial services giant PwC, told “Just the News AM” television program Tuesday that cryptocurrencies were first created because of a sense of distrust of central banks and their ability to print money. 

“So they wanted to basically have a currency that was locked in a box that prevented more from just being printed to devalue the currency itself,” Roschelle said. 

“A lot of the speculation” driving the recent rise, Roschelle said, “came from people who believe that the dollar, the Euro, the yen, the yuan, are inherently flawed because those central banks can print money.”

Roschelle said the other main reason for the recent rise was what he called the “legitimization” of crypto when Elon Musk’s Tesla announced in an SEC filing Feb. 8 that it had bought $1.5 billion Bitcoin so that Tesla could transact using Bitcoin. 

“We saw Bank of New York, last week, add it to its list of assets that they could have customers accumulating wealth in,” Roschelle noted, “and the Office of the Comptroller of the Currency last week actually blessed that taking place.”

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