It was in November 2021 that the world’s first cryptocurrency, Bitcoin hit an all-time high of $69,000. Since then BTC has been struggling for a bull run combating increasing interest rates by the Federal Reserve to curb the rising inflation.
Amidst this increasing inflation rate, there comes a fear of recession where a few market experts are expecting a recession in a year or two and a few others are hoping for a brighter future of the crypto market.
One of the crypto investors known as Stan Druckenmiller is predicting that the recession will happen and it will be somewhere around 2023. His statement is revealed while in a talk with CNBC Alpha conference in New York on September 28th. As per the investor if recession hits in by 2023 the market situation would be worse while he expects stock markets to continue their trade in the same trend.
Crypto Market To Benefit During Recession
On the flip side, though Druckenmiller believes the recession will bring in more negativity around the market, he claims that there will be some opportunity for profit making. This profit making statement is made especially for the crypto market as he believes the cryptocurrencies will surge if central banks lose their trust with recession.
Nevertheless, crashes and volatility are part of trading and investments, hence the past trading experience and research before the next investments is the one that will guide.
Currently for the month of September, Bitcoin has outperformed US indexes and gold as BTC is up by nearly 0.8% against the US Dollar. However, on the whole the crypto market has plunged with major cryptocurrencies trading on a red zone.