Legendary Investor Warns of $200 Trillion Looming Over Crypto amidst Volatile Price Swings of Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon, and Solana
Bitcoin, Ethereum and other cryptocurrencies have surged this year on the back of the US banking crisis that put crypto back into the spotlight and boosted Ethereum and the top 10 cryptocurrencies, including Binance Coin, Cardano, Dogecoin, Polygon and Solana. Crypto market volatility is expected as a leaked memo revealed a secret Democrat plan for a US crypto crackdown. Billionaire Michael Saylor, founder of MicroStrategy, has predicted a bitcoin “stampede” as confidence in the US dollar and banking system erodes. Saylor invested in bitcoin, buying 140,000 bitcoins worth $3.7 billion over the past three years, as he sees a meltdown in banks and currencies that he believes make bitcoin more attractive. Srinivasan, a technology investor, also bet $1 million on bitcoin, triggered by the banking crisis, but it failed. The crypto market is bracing for more volatility due to the banking crisis and macroeconomic headwinds. The US is facing its first-ever debt default that could happen as soon as next month. However, the debt ceiling of $31.4 trillion could be much larger than the current $200 trillion debt pile, according to billionaire investor Stanley Druckenmiller, whose comments were reported by Bloomberg.
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