TL;DR
Forbes indicates that a US economic downturn could boost cryptocurrencies, especially Bitcoin, Ripple, and Ethereum.
Predictions from experts like Christopher Wood and Robert Kiyosaki suggest a shift from the US dollar to Bitcoin and gold.
Following legal wins against the US SEC, Ripple’s XRP could further benefit from the 2024 trial and potential banking partnerships.
Financial Crash = Crypto Bull Market?
The American business magazine – Forbes – released a recent report, according to which the American economy and the country’s official currency might collapse due to various reasons. Some factors contributing to the potential catastrophe are the US “debt death spiral” and the mass printing of fiat initiated by the Federal Reserve.
The entity estimated that such a dark-case scenario could be highly beneficial to the cryptocurrency industry, with Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), and other assets rallying towards fresh peaks amid the uncertainty in traditional finance.
“Such a failure to exit from unorthodox monetary policy in a benign manner is likely to culminate in the collapse of the US dollar paper standard to the benefit of both gold bullion owners, and also owners of Bitcoin,” Christopher Wood – global head of equity strategy at Jefferies – opined.
Forbes is not the only entity that has predicted a crypto bull market in case of a future economic crisis. The Japanese-American entrepreneur and author – Robert Kiyosaki – suggested earlier this year that the US dollar “will die,” urging investors to focus on BTC and precious metals. Those interested to learn more can watch our dedicated video below:
Could 2024 be XRP’s Year?
The native token of Ripple has been the subject of numerous price predictions lately, especially after the blockchain enterprise won two victories in a row in its legal battle against the US SEC. The asset spiked by over 70% after the first court decision in July and more than 6% last week when the magistrates disallowed the regulator to appeal the ruling.
According to ChatGPT, the trial between the organizations (scheduled for April 2024) could be pivotal for an eventual XRP bull run. Other factors that could prompt a price surge might be banking partnerships or adoption by financial institutions, the AI-powered language model added.
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