Bitcoin (BTC) is trying to regain its footing after a sharp decline in price in 2022, with a notable uptrend year-to-date, now trading in a range between $20,000 and $30,000 for the past several months.
In the meantime, a series of institutional developments and macroeconomics have created “the perfect storm” for Bitcoin to break out of this consolidation range, according to the financial expert Dave Weisberger, CEO of CoinRoutes, in an interview for David Lin’s YouTube channel on October 19.
“We are seeing perfect literal perfect storm conditions for Bitcoin. It’s a hedge against the trusted institutions.”
— Dave Weisberger (00:03:30)
Weisberger cited a number of factors for this perfect storm that is brewing for Bitcoin, including the ongoing mistrust of trusted institutions, such as banks and governments, and the current macro environment, characterized by rising interest rates and inflation. He also cited the growing institutional adoption of Bitcoin as a major cause.
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