Stephen Alpher is CoinDesk’s co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.
A spike in the US dollar “seems to be several quarters away,” Goldman Sachs strategist Kamakshya Trivedi said in an article for the bank’s clients. .
Read this article in English.
“We don’t expect the Fed to start easing until 2024, and a slowdown in growth also appears to be months away,” he wrote. Looking at what happened in the 1970s, a period of high inflation like the current one, Trivedi noted that the dollar did not begin to weaken until economic activity began to decline and the US central bank eased its policy.
This could be bad news for bitcoin (BTC). Among all the reasons that led to last year’s brutal bear market in cryptocurrencies, the first thing on the list is a strong dollar. After bottoming in mid-2021 just below 90, the dollar soared to its current position at 113.69, the strongest point since early 2002.
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Trivedi did provide some hope for dollar bears (and bitcoin bulls) when he suggested that the European economy may be stronger from now on, that new leadership at the Bank of Japan (BOJ) , for its acronym in English) is stronger and that China reverses its covid zero policies. All of these conditions could put pressure on the US dollar. “However, we are not there yet,” he warns.
In fact, the dollar shot up again on Friday morning and helped bitcoin drop back from US$19,000 to US$18,750.
Este artículo fue traducido por Natalia Paulovsky.
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Stephen Alpher is CoinDesk’s co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.
Stephen Alpher is CoinDesk’s co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.
