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- CEO of Online Blockchain, Clem Chambers, said rising inflation and interest rates might push BTC to $8,000.
- He believes that another blizzard is coming in this crypto winter.
- US Inflation rates reached 9.1% in October and are now at 7.7%.
The ongoing crypto winter, rising inflation worldwide, and the recent FTX saga, has started a domino effect throughout the industry; almost all of them are in the red zone. Reflecting gloomy outlook, Crypto expert Clem Chambers said that Bitcoin might crash to around $8000. Citing rising inflation rates and a significant hike in interest rates.
Clem Chambers, CEO of Online Blockchain, anticipates an upcoming crash for BTC in the coming months if the FTX issue goes unresolved and the Fed keeps hiking interest rates.
Chambers, in an interview with Kitco News’ David Lin on December 10, pointed out that if the Fed were to stop inflation, they ought to raise the interest rates until things are under control. He firmly believes that something shall result in another huge market crash in crypto.
Right now, the inflation rate in the US is at 7.7%, as reported in October; it had reached a record high in June at 9.1%.
Multi-year recession on the horizon
Although there has been a serious deterioration in stock values and cryptocurrencies this year, Chambers does believe that the end of the ordeal is still ahead.
The crisis of 2008 is still fresh in the minds of inventors and the general public. The 2008 crisis was preceded by a bear market which was a sign of an oncoming storm. Similar is the case now, and
“I think what we’re in now is potentially an oncoming storm.”
Chambers advised investors to use cash as a hedge against underperforming stocks.. Hold on to cash!
“I’d prefer too have my money in Benjamins than in Facebooks.”
There is a looming threat of an oncoming recession. Many industry experts are suggesting the same and are advising the general public and companies alike to hold on to cash and avoid unnecessary and large expenses.
Amazon’s Jeff Bezos has said that a possible recession is on the horizon. He has advised new startups to refrain from investing in any new equipment or expensive services and hold on to the capital at hand.
“If you’re an individual and you’re thinking about buying a new large-screen TV, may be slow that down, keep that cash, see what happens.”
Michael Burry also noted that the world is on the verge of facing a multi-year recession. He had been speaking about the crypto bubble for a very long time. It is known that the collapse of the housing bubble and the eventual fall of the Lehman brothers triggered a global recession in 2008.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
