#bitcoin
$BTCUSD
A crypto investing veteran sees no break in the clouds ahead for most asset classes as the markets run into Summer.
In a new interview with CNBC’s Squawk Box, CoinShares chief strategy officer says her firm remains cautious about further Bitcoin investment due to a lack of data on how BTC might perform in a macroeconomic slump.
“For us at CoinShares, the view is we’re going to stay where we are for a while. There are no near-term upside catalysts.
We have yet to see [how] Bitcoin [behaves] in a recession.
The Big Q: Are we in a recession?
The Big A:We don’t know, but with what’s going on in the Eurozone, around the world, and here in the United States with the Fed hiking rates and cutting back on their open-market activities – we certainly expect more pain ahead for tech stocks, growth, and also crypto.”
The CoinShares CSO says the crypto markets are still reacting to the fallout after several major projects collapsed in recent months which caused tens of billions of dollars to disappear in a flash.
“I think the big thing question is, what are traders doing [with] what’s happening in markets? We obviously had a lot of liquidations, and a lot of insolvencies that had a massive impact on the market.
We’re talking $10, $20, $30 billion of capital that has basically evaporated overnight. Liquidity that’s gone out of the system, and we haven’t yet seen the full impact of that because most of the companies in this industry are not publicly listed.
So we don’t get that transparency that we normally see.”
She continues that CoinShares does not see Bitcoin going below a $14,000 threshold, with strong support at $20,000.
A tip of the hat to sovereign individuals with satoshis and Bitcoin in cold storage with our firm. Click here
Have a prosperous day, Keep the Faith!
