Is Bitcoin a Buy in 2023?
Here's why I don't think it's too late to buy Bitcoin as we head into 2023. In fact, it's probably still early.
The unprecedented levels of fiscal and monetary stimulus the government and the Federal Reserve deployed to help support the U.S. economy during the coronavirus pandemic, coupled with the persistent supply chain issues and shortages caused by geopolitical conflicts, have combined to produce high inflation in the U.S. and around the world over the past year and a half. To combat this, the Federal Reserve has been hiking its benchmark interest rates aggressively, which has caused investors to sour on riskier assets, a category that Bitcoin and cryptocurrencies firmly belong in. And this is one of the main reasons why prices for these assets have cratered in 2022.
Additionally, the meltdown of FTX, one of the largest crypto exchanges, has caused panic in the crypto market. Since the news came out that FTX was having major liquidity issues and was seeking to be bought out by bigger rival Binance, Bitcoin's price has fallen 8% (as of this writing), further propelling 2022's downward trend. FTX has now filed for Chapter 11 bankruptcy protection, and the market will deal with the fallout from this scandal for a long time.
Source Fool.com
