Forbes has brought attention to an impending transformation within the cryptocurrency market. The report titled, “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,” shows that the crypto market might be preparing for a massive boom to rival gold.
In the report, Forbes suggests that there is potential for a massive $8 trillion to exit the US financial system, driven by concerns of an impending US dollar crisis. This development could have far-reaching implications for Bitcoin, Ethereum, XRP, and other major digital assets.
Read Also: Forbes: China Just Made a Notable Game-Changing Move That Could Impact XRP Price
Although Forbes presents some hope for the crypto world, highlighting that a leak from a major tech company shows a potential for a turnaround, the report acknowledges that XRP and other major cryptocurrencies have lost the momentum they had when entering 2023.
Chad Steingraber (@ChadSteingraber), a game developer and artist, brought the news to the XRP Army on X.
Forbes:
"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" https://t.co/FZ6ToCBVcd
— Chad Steingraber (@ChadSteingraber) October 8, 2023
The Looming USD Crisis
Forbes points out that analysts at Jefferies, a well-regarded equity research and strategy firm, are predicting the possible collapse of the US dollar as the Federal Reserve may find itself compelled to resume its money-printing measures. This is because the Federal Reserve is grappling with a $33 trillion debt spiral.
Jefferies’s analysts have warned the Fed will have to restart its money printer, potentially collapsing the U.S. dollar and fueling a Bitcoin price boom to rival gold. The reasoning behind this potential price surge lies in the belief that cryptocurrencies could emerge as safe-haven assets akin to gold, especially in a scenario where excessive currency printing lowers the value of the US dollar.
Read Also: Forbes Top Contributor: “XRP Army is carrying all of the cryptocurrencies on its back”
Christopher Wood’s Opinion
Forbes also cited an interview with the head of equity strategies at Jefferies, Christopher Wood, on CNBC. Wood emphasizes that G7 central banks, particularly the Federal Reserve, might face challenges transitioning from unconventional monetary policies. He suggests that these central banks are likely to continue expanding their balance sheets in one form or another.
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Additionally, a note from Wood to clients shows that he called Bitcoin and gold “critical hedges” against the potential return of inflation. In other words, he sees these assets as a way for investors to protect their wealth if inflation rises.
Wood suggests that mishandling the exit from unconventional monetary policies may devalue the US dollar, benefiting gold and Bitcoin.
A potential $8 trillion loss from the dollar could boost cryptocurrencies to a $10 trillion market from its current $1.09 trillion valuation. With bullish predictions like these, it is notable that Google Bard and Microsoft Bing recently unearthed a Forbes article predicting a $59,472 price for XRP.
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