Michael Saylor Warns of Bitcoin’s Volatility Ahead of Expected Fed Rate Hike
New York, NY – March 16, 2023 – Michael Saylor, the founder and former CEO of MicroStrategy, a business intelligence firm known for its significant investments in Bitcoin, has cautioned investors about the potential volatility of the cryptocurrency ahead of the expected Federal Reserve rate hike.
In a recent interview with CNBC, Saylor emphasized that while Bitcoin has proven to be a reliable long-term investment, it remains subject to short-term fluctuations. He cautioned that the impending interest rate increase by the Fed could lead to a correction in the cryptocurrency market.
“Bitcoin is not immune to the macroeconomic forces that affect other financial assets,” Saylor said. “The Fed’s decision to raise rates will likely have a negative impact on risky assets, including Bitcoin.”
However, Saylor remained optimistic about Bitcoin’s long-term prospects. He believes that the cryptocurrency’s fundamentals remain strong and that it will continue to gain adoption as a digital store of value.
“I’m convinced that Bitcoin will emerge as the global reserve currency,” Saylor said. “It has the potential to transform the financial system and create significant value for investors.”
Saylor’s comments come as Bitcoin’s price has been hovering around $24,000, down from its all-time high of nearly $69,000 set in November 2021. The cryptocurrency has been under pressure in recent months due to concerns about rising interest rates, global economic uncertainty, and the collapse of the FTX exchange.
Investors are closely monitoring the Fed’s decision, which is expected to be announced later today. A larger-than-expected rate hike could further weigh on Bitcoin’s price, while a smaller hike or a more dovish statement from the Fed could provide some support.
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