Online Blockchain CEO Says Invest In Cash Instead Of Crypto

Clem Chambers, CEO of Online Blockchain, has forecast that Bitcoin could fall in the coming months if the Fed raises interest rates and the FTX problem remains unresolved.

In an interview with Kitco News’ David Lin on December 10, Chambers stated that if the Fed wants to limit inflation, it must keep hiking interest rates until something breaks. Chambers predicts that something will result in a cryptocurrency market.

Chambers also suggested that investors focus on cash as a buffer against the dropping value of stocks. And it appears that the metaverse is likewise a dangerous place for him.

“I’d prefer to have my money in Benjamins than in Facebooks,” he said.

Despite the fact that the value of cryptocurrencies and equities has dropped significantly this year, the CEO said it was not over.

“Everyone remembered the big drop in 2008, but there was a bear market in 2007, which was an oncoming storm. I think what we’re in now is potentially an oncoming storm.”

This contradicts popular belief in the cryptocurrency community, where many see Bitcoin as a hedge against inflation. Chambers stated that he intends to conserve money until the market bottoms out before investing in inexpensive assets.

He did, however, urge investors to invest in high-risk enterprises.

“Snap a little bit of money off your pile and put it to one side and high-risk stuff.”

In June 2022, inflation hit a record high of 9.1% but fell to 7.7% in October. Although the inflation rate is on the decline, the market context is still very bleak. At the time of writing, BTC is trading at $17,174.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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