Charles Edwards, Capriole Fund founder and Bitcoin analyst, foresees a major catalyst that might boost Bitcoin’s price in 2023. The year 2022 was a rough one for cryptocurrencies, marked by falling prices after the Fed introduced restrictive monetary policies by hiking interest rates.
Most recently, the Federal Reserve moved to increase its benchmark interest rate by 25 basis points on Wednesday, which caused a drop in cryptocurrency prices. The Fed has now implemented a steady barrage of 10 straight interest rate increases since March 2022 to temper an overheating economy and control skyrocketing prices.
The only way the Fed can compete with Bitcoin is higher rates. But rates can’t go any higher because the system is breaking. The unwind will be relentless.
— Charles Edwards (@caprioleio) May 7, 2023
Edwards, in a new tweet, expressed the possibility of rates not going higher because the system was on the verge of breaking.
He tweeted, “The only way the Fed can compete with Bitcoin is higher rates. But rates can’t go any higher because the system is breaking. The unwind will…