Grayscale Executive: "Unsustainable" U.S. government budget deficit and inflation imply more demand for Bitcoin
PANews reported on April 11th, according to Cointelegraph, Zach Pandl, the Director General of Grayscale Research Department, stated in an interview that due to the U.S. government's continued excessive spending and high interest rates, assets like Bitcoin that store value will continue to be popular commodities. Pandl said: "We expect ongoing inflation and unsustainable budget deficits will drive demand for value-storing assets (like Bitcoin) to continue growing." Pandl believes that given the current high inflation rate, it is unlikely for the Federal Reserve to lower interest rates in the near future. However, upcoming events such as Bitcoin halving scheduled for April 20th and accelerated economic growth along with more adoption of cryptocurrencies will push up Bitcoin prices.
In other news from yesterday, unadjusted CPI annual rate was 3.5% in March in United States while core CPI was at 3.8%, both higher than expected.
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