Jordan Belfort, a former stockbroker and the “Wolf of Wall Street,” has examined the potential Bitcoin (BTC) prognosis for 2023 as the cryptocurrency industry tries to recover from last year’s down market.
During a January 13 appearance on The Wolf of Wall Street podcast, where Robert Beadles, the creator of the Monarch cryptocurrency wallet, was a guest, Belfort discussed Bitcoin.
In the course of the discussion, Belfort pointed out that given the heightened discussion of Bitcoin regulation, any kind of legislation would probably serve as a bullish impetus for the first cryptocurrency.
“I think you’d agree that generally speaking, to the price of the asset class in general regulation, I believe, would be bullish,” Belfort said.
It is important to note that Belfort has been a strong proponent of crypto legislation, arguing that a setting with clear laws is likely to be advantageous for assets like Bitcoin.
He cited the recent FTX catastrophe in the crypto market, in which clients lost money while most assets corrected, as an example of how regulations might have prevented it.
Possible Bitcoin price driver
Furthermore, when Beadles mentioned that the first cryptocurrency would probably appreciate in value if the government kept printing money and failed to manage inflation, Belfort asked about Beadles’ cryptocurrency outlook for 2023.
Beadles predicted the implementation of more rules while speculating that an increase in inflation rates could be the catalyst for Bitcoin’s prolonged climb.
“It’s how much the Federal Reserve is going to keep printing that’s inflation that’s going to be the key issue there. I don’t see a huge uptick in Bitcoin price without inflation kicking.<…> There’s just too much regulation coming,” Beadles said.
It’s interesting to note that the current Bitcoin surge was initiated by a slowdown in US inflation that denoted a loosening of the Fed’s monetary policy.
The prospects for Bitcoin
Belfort described the cryptocurrency winter of last year as a trying time for the business while also pointing out that the market can see a preview of what comes next.
In this sentence, Beadles brought up the possibility that Bitcoin’s tenacity might be a sign that the asset is here to stay.
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