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Bitcoin Could Still Trade At $10,000 – Brownstone Institute Founder

Jeffrey Tucker, the founder of the Brownstone Institute, reiterated in a Nov. 11 interview with Kitco News that Bitcoin still has a long way to go to emerge from the bear market. However, he said that the major cryptocurrency surpassed the $10,000 mark on May 11 and could retest the foot as the last fall.

This year’s “crypto winter” has hit the industry hard. Unfortunately, judging by recent events, it looks like it’s only going to get colder. The energy crisis in Europe and further rate hikes are two macro factors likely to lower crypto prices.

Industry players claim that regulators are keen to bankrupt the industry. As a result, the last rally of late summer petered out. Then, in another psychological blow, Bitcoin’s price fell below $19,000 for the first time in almost two years.

Tucker says the cryptocurrency market is still risky right now, advising investors not to buy during price declines but to wait for the current crypto winter to “roll over.”

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“It’s not a good move to put your money in right now. I think there is still a lot to do before this takes shape. So if you’re looking to make money now, it’s probably a dangerous place for your money because we could go down to $10,000 or even a lot less,” he said.

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Tucker suggested that the main reason for the decline is macroeconomic factors. According to him, Bitcoin has been negatively affected by global macroeconomic situations, such as inflation and a hike in interest rates.

What happens if bitcoin falls below $10,000? 

Although it no longer holds the majority position in the cryptocurrency industry, Bitcoin remains the most valuable digital currency. Also, its price remains a crucial barometer of industry confidence.

Hence, we can expect a wave of frantic sales of other digital assets, more job losses, and harsher criticisms from crypto haters in the media should Bitcoin trade at sub-$10K levels.

While the laws governing the cryptocurrency industry are becoming stricter, a change in government in Washington would be suitable for Bitcoin. Tucker also claimed that the launch of central bank digital currencies (CBDCs) resulted from a lack of interest from traditional financial players in the success of cryptocurrencies.

Tucker noted that despite the ongoing study of CBDCs, central banks lack the confidence to issue a CBDC. He added that it would be equivalent to oppressing the current financial system.

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Meanwhile, Bitcoin led the broader cryptocurrency market to post short-term gains after a slight drop in the inflation rate. At the time of writing, Bitcoin had gained around 2.02% the previous day and was trading at $16,808.


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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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