Forbes senior contributor has suggested that the U.S. Federal Reserve’s money printing efforts could trigger a significant surge in cryptocurrencies, with XRP benefiting alongside Bitcoin.
In a recent report, Forbes’ Billy Bambrough highlighted that Bitcoin has soared nearly 200% since the previous year. He argued that the surge has been crucial in propelling the combined market cap of XRP and other cryptocurrencies to surpass $1.5 trillion —a milestone not seen since early 2022.
Additionally, Bambrough attributed the crypto market growth to expectations that Wall Street eyes potential opportunities within the digital asset space.
Crypto Rising Amid FED Money Printer
Amid these developments, the Forbes contributor noted that analysts foresee a turbo-charged crypto market rally in 2024. They believed the astronomic surge would surface when the FED restarts money printing, potentially undermining the U.S. dollar.
Furthermore, Billy Bambrough highlighted that concerns about the collapse of the U.S. dollar have escalated due to extensive government spending and relentless money printing since the 2008 financial crisis. He quoted Jefferies’ analysts predicting a Fed restart of the money printer in 2024.
Per the disclosure, the move could trigger a U.S. dollar collapse and fuel a substantial Bitcoin price surge comparable to the market’s response to gold.
Besides, Bambrough cited Zach Pandl, a former managing director at Goldman Sachs, concerning the outlook where the U.S. dollar suffers. Pandl noted that Bitcoin is the “obvious competitor currency” should the U.S. dollar face devaluation.
Bitcoin, XRP Profiting from Interest Rate Cut
Moreover, the Forbes writer stated that many anticipate the Federal Reserve will commence a series of interest rate reductions next year, marking a shift from its tightening trend. According to him, this adjustment is a response to a deceleration in the inflation rate.
In parallel, Bambrough cited Luke Nolan, a researcher at CoinShares, commenting on the positive impact of potential rate cuts. Nolan suggested that the factors could support a sustained Bitcoin rally, with a conservative estimate of reaching $70,000 by the end of 2024.
Where Bitcoin grows over 65% to $70k, crypto like XRP is expected to follow a similar trajectory.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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