Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
FS Investments Chief Market Strategist Troy Gayeski is convinced that cryptocurrencies could face more selling pressure if money supply growth goes negative.
The U.S. Federal Reserve shrinking its balance sheet is going to be a major bearish catalyst for Bitcoin.
“You should never own more crypto than you could tolerate losing,” Gayeski said.
Bitcoin is currently changing hands slightly above the $20,000 level after shedding recent gains together with U.S. stocks on Tuesday.
Yet, crypto is still one of those asset classes that could potentially quintuple in value over the next four years, according to Gayeski.
Bitcoin is down more than 70% from its record high, CoinGecko data shows.
Gamza Khanzadaev
Godfrey Benjamin
Dan Burgin
Vladislav Sopov