Forbes' Bold Prediction: $8 Trillion to Enter XRP and Bitcoin Markets Amidst US Dollar Woes

Forbes’ Bold Prediction: $8 Trillion to Enter XRP and Bitcoin Markets Amidst US Dollar Woes

9 October 2023

in XRP

Reading Time: 2 mins read

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

Crypto is the new hope for traders fleeing Gold and Silver due to rising US debt, inflation, and dollar weakness. Here’s why?

Forbes recently reported on XRP’s probable rise in the cryptocurrency sector. Their article, “U.S. Dollar ‘Collapse’—Shock $8 Trillion Predicted Fed Inflation Flip To Spark A ‘Critical’ Bitcoin, Ethereum, XRP And Crypto Price Boom To Rival Gold,” predicts whooping $8 trillion influx into the XRP and Bitcoin markets after the US dollar collapses.

But what is fueling this prediction is shocking, as the catalyst behind this seismic change is the soaring U.S. national debt, currently towering at $33 trillion. Forbes reported that analysts at Jefferies, a renowned equity research and strategy firm, anticipate a potential collapse of the U.S. dollar. Their rationale lies in the likelihood of the Federal Reserve reintroducing money-printing measures to navigate the treacherous waters of this debt crisis.

Weakening Dollar is paving the way for crypto.

Interestingly, Forbes is mainly looking at the possible weakening of the US dollar due to the country’s massive debt. According to Jefferies, the Federal Reserve’s anticipated return to money-printing could surge significantly in XRP, Bitcoin, and ETH prices. This projection hinges on the belief that cryptocurrencies, particularly XRP, could emerge as contenders to gold’s status as a safe-haven asset, especially in the face of a declining dollar value due to an augmented monetary supply.

In his recent interview with CNBC, Christopher Wood, who heads equity strategy at Jefferies, said central banks, especially the Federal Reserve, are reluctant to shift away from unconventional financial strategies smoothly.

On the flip side, Bitcoin and gold act as vital protections against the looming risk of inflation. Similarly, there has been criticism of the Fed’s decision to raise interest rates to combat inflation, as it remains considerably high even after the rate hike has been implemented. At the same time, XRP ETH is creating a market with viable options for traders to take risks.

$8 Trillion at Stake?

Next comes reshaping the cryptocurrency market, with XRP playing the lead. Forbes suggested that if the U.S. dollar lost $8 trillion, cryptocurrencies could take in that huge amount. Right now, the total value of all cryptocurrencies is about $1.09 trillion. So, if $8 trillion left the U.S. and went into crypto, it could turn the crypto market into a nearly $10 trillion giant, which would profoundly change the financial world.

Current Market Status

Proving true to the predictions, Bitcoin, Ethereum, and XRP have shown high volatility recently. Bitcoin stayed above $27,000 this week, while Ethereum stayed within $1,600 to $1,650. XRP experienced notable price swings, dropping to a low of $0.5211 and reaching a high of $0.6126.

Credit: Source link