Bitcoin (BTC) is trying to regain its footing after a sharp price decline in 2022, with a notable uptrend since the start of the year and is now trading in a range between $20,000 and $30,000 for the past few months.
According to financial expert Dave Weisberger, CEO of, a number of institutional developments and macroeconomic factors have now created the “perfect storm” for Bitcoin to break out of this consolidation range CoinRoutesin an interview for David Lin’s YouTube channel on October 19th.
“We are literally seeing perfect storm conditions for Bitcoin. It’s a hedge against the trusted institutions.”
— Dave Weisberger (00:03:30)
Weisberger cited a number of factors for this perfect storm brewing for Bitcoin, including the ongoing distrust of trustworthy institutions like banks and governments, as well as the current macroeconomic environment characterized by rising interest rates and inflation. He also cited the increasing institutional acceptance of Bitcoin as the main cause.
The CoinRoutes The CEO believes that these factors will combine to drive up the price of Bitcoin in the long term. However, he also pointed out that Bitcoin is still a volatile asset and that its price can fluctuate significantly in the short term.
At one point in the interview, Weisberger said that halving block subsidies could have an impact on prices next year.
Is Bitcoin a high-risk or risk-averse asset?
Dave Weisberger also discussed whether Bitcoin is a risky or risk-averse asset. He said Bitcoin has historically been a risky asset, meaning it tends to move in parallel with other risky assets such as stocks.
However, he believes that the leading cryptocurrency is becoming more of a risk-averse asset over the years, meaning it is considered a safe haven during times of economic turmoil.
“In the long term, it is a risky play with huge asymmetric upside potential.”
— Dave Weisberger (00:04:45)
With this saying, Weisberger shows that Bitcoin is optimistic in the long term. He believes that Bitcoin is the future of money and that it will eventually be used as a global currency. The financial expert also assumes that Bitcoin will one day surpass gold in value.
Interestingly, Dave urged investors to avoid “crowded trades” and simply follow what the majority of the market was doing.
“I don’t like crowded stores. Crowded trades always worry me and I always give people advice that if you follow the whole herd because you hear everyone doing “x”, then “x” is probably not the right thing.”
— Dave Weisberger (00:03:03)
However, despite his bullish bias, he also pointed out that Bitcoin is still a relatively new asset class and that it is important for investors to do their own research and understand what they are putting their money towards before investing.
Watch the interview with Dave Weisberger:
Source : finbold.com