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Billy Bambrough
Senior Contributor
Opinions expressed by Forbes Contributors are their own.
I write about how bitcoin, crypto and blockchain can change the world.
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The bitcoin price boom has been partly fueled by the U.S. banking crisis that thrust crypto back into the limelight and boosted the ethereum price along with top ten cryptocurrencies BNB
Now, after legendary investor Stanley Druckenmiller warned of a $200 trillion U.S. debt burden, MicroStrategy
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MORE FROM FORBESLeak Reveals Secret Democrat Plan For A Game-Changing U.S. Crypto Crackdown That Could Hit The Price Of Bitcoin And EthereumBy Billy Bambrough
Traders are braced for extreme market volatility due to the banking crisis, macroeconomic headwinds … [+] and the looming U.S. debt ceiling that could play havoc with the price of bitcoin, ethereum, BNB, XRP, cardano, dogecoin, solana and polygon.
“The meltdown in banks and the meltdown of currencies is driving a stampede of smart money to bitcoin,” Saylor, who has led his software company in buying 140,000 bitcoin currently worth $3.7 billion over the last three years, told YouTuber David Lin.
“If you lose confidence in the currency, the banks, then you lose confidence in fiat currency as money. And therefore the money is dying,” Saylor said, pointing to the struggling economic situations in Venezuela and Argentina where inflation has spiraled to triple-digit percentages.
“If I can’t trust the bank, if I can’t move the money cross-border and if the currency is losing value every year or every month, then I start thinking about commodity monies,” such as gold and bitcoin.
Saylor’s “stampede” prediction comes hot on the heels of technology investor Balaji Srinivasan failed $1 million bitcoin price bet, who admitted he’d “burned a million to tell you they’re printing trillions.”
Srinivasan’s $1 million bitcoin price prediction was triggered by the banking crisis that’s led to some of the largest banking failures in U.S. history, with fears the collapse of Silicon Valley Bank and First Republic could cascade into PacWest and other regional banks.
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MORE FROM FORBESElon Musk Triggers Surprise 5,000% Bitcoin Rival Crypto Price SurgeBy Billy Bambrough
The bitcoin price has roared back this year, climbing along with the price of ethereum, BNB, XRP, … [+] cardano, dogecoin, polygon and solana, amid a flood of bullish price predictions.
Meanwhile, the U.S. hurtling toward the first-ever U.S. debt default that could happen as soon as next month as a standoff between president Joe Biden and the Republican-controlled House of Representatives continues.
Earlier this month, billionaire investor Stanley Druckenmiller warned the official $31.4 trillion debt limit could be dwarfed by the $200 trillion debt pile once future entitlement payments are factored in.
Druckenmiller compared the debt ceiling and the fiscal spending to “worrying about whether a 30-foot wave will damage the pier when you know there’s a 200-foot tsunami just 10 miles out,” in a speech reported by Bloomberg.
