JP Morgan's Chief Market Strategist Says Rising Bitcoin Price May Cause Fed to Delay Rate Cuts This is because it may cause asset prices to rise and inflation to worsen.
Marko Kolanovic, chief market strategist at JP Morgan Chase & Co., said Bitcoin's surge above $60,000 combined with record high stock prices. This may cause the Federal Reserve (Fed) to delay its plan to cut interest rates. This is because premature interest rate cuts could push asset prices even higher and make inflation worse.
Kolanovic said the recent surge in Bitcoin prices is a sign of a “bubble” in the market. A bubble is a situation in which the price of an asset exceeds its intrinsic value due to excessive speculation. Kolanovic sees the price of an asset as popular. Said to be able to be higher than this.
Kolanovic made his comments after Bitcoin returned to above $69,000 this week. before hitting a new all-time high (ATH) of nearly $70,000 last night. The current trading price is around $68,000, up 2.03% over the past 24 hours, according to CoinMarketCap.
