CandleFocus Top Economist Slams Bitcoin as "Just Another Bubble"
2024-11-01
Author: Content Editor
Robin Brooks, former chief economist at the Institute of International Finance, maintains his belief that Bitcoin is a bubble asset despite its recent gains. He attributes the rally to the Federal Reserve's interest rate cut rather than any inherent value in Bitcoin. Brooks previously criticized Bitcoin for its lack of diversification benefits and yield, and argued that it couldn't function as a viable store of value. Despite facing backlash from Bitcoin supporters, Brooks stands by his views and clarifies that his earlier post was not a prediction of Bitcoin's price direction. He also points out that Bitcoin experienced a significant drop in 2022 when the Fed increased rates to control inflation, and its recent surge in early 2024 was driven by the ETF boom and the Fed's rate cut.
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