"I just do not see any futuristic catalyst unless markets start to price bitcoin as an inflation hedge, and we are seeing a lot of confusion there," Farooq said. But besides that, the Token Metrics research director is still lukewarm about bitcoin compared to its altcoin peers, and said he expects it to stay range-bound between $40,000 and $65,000 over the next two years. It has since fallen about 30% from the mid-$50,000s to $39,800 today.įive months later, Farooq's view on bitcoin hasn't changed much - with one big exception: He now sees inflation as a headwind for the token instead of a tailwind. He told Insider in late November that he thought bitcoin would only reach $70,000 over the next 18 months - a level it had nearly hit just two weeks earlier. Unlike many of his contemporaries who predicted that bitcoin would top $100,000 in 2021, Farooq didn't get carried away with his price target for the token. And this is something that markets do not appreciate." What's next for bitcoin and ethereum? More of the same "And now you're going to see the Fed aggressively hike rates. "The monetary policy and the fiscal policy in the US was very loose," Farooq said. Concerns about runaway inflation - and the Federal Reserve's decision to quickly raise interest rates in response to it - have gripped the crypto market and are worth watching closely, according to Farooq. Large and small cryptos have, for the most part, had a dreadful year. That's why there's a lot of emphasis on marketing." "So you don't necessarily have to have a superior technology to achieve that. "Crypto is all about network effects," Farooq told Insider. The two largest cryptocurrencies have, in the eyes of many, legitimized digital assets over the past half decade - but by doing so they have laid the groundwork for a wave of new competitors that have built superior networks.Ĭontrary to what bitcoin maxis will argue, "there is definitely better tech out there," said Mehdi Farooq, the director of research at Token Metrics, in a recent interview with Insider.īut while Farooq doesn't see either bitcoin or ethereum logging big gains anytime soon, he also said that he's not bearish on them because both have achieved scale, which should allow them to survive for the long term. Each can pose a serious threat to ethereum, even if the bigger crypto survives long term.īitcoin and ethereum may be victims of their own success.The director of research at Token Metrics shared which three altcoins he's bullish on instead.Bitcoin and ethereum may be range-bound for a while, said crypto expert Mehdi Farooq. This audiobook is your foundation.Account icon An icon in the shape of a person's head and shoulders. But you do need a strong base of knowledge to work from. It's time for the wall of technical smoke and mirrors around crypto to come down, and this book represents an experienced technical team sharing its hard-won knowledge as accessible as possible.You don't need to be a math genius to invest in crypto successfully. This book is your one-stop shop on building a deadly working knowledge of the crypto markets and our ideas on how to play them profitably. The committed reader will go on an educational journey that starts in the world of conventional finance before crossing the crypto bridge to go deep on crypto assets, decentralized finance, NFTs, and security token offerings. What if we told you that one book could contain an entire education in crypto investing topics? Whether you're an uninitiated newbie or an established veteran, this book exists to help you get a profitable start as a new crypto investor. Lack of knowledge is no longer an excuse - there's no time like the present for becoming a crypto investor.
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