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George Ball: Bitcoin Price Will Rise In 2 Weeks

Bitcoin is increasingly turning its former skeptics into cryptocurrency advocates. It also happens with the ex-head of Prudential Financial George Ball, who suddenly shared a forecast about the meteoric rise in the price of Bitcoin. Why did the financier side with Bitcoin?

Bitcoin will become a “safe haven”

The rise in the price of Bitcoin in August rocked the crypto market and gave traders hope that the price will continue to move along an upward trajectory. In just a few weeks, the price BTC rose by $3,000: Bitcoin left behind the support level of $9,000 and reached a local top of $12,000.

Bitcoin’s bullish move has prompted ex-head of Prudential Financial George Ball to rethink the flagship crypt. If earlier the financier sharply criticized Bitcoin and threw accusations of precariousness at the crypto asset, in a recent interview he called Bitcoin a “safe haven” for investors.

According to Ball, the dramatic change in the outlook on cryptocurrency is due to US monetary policy. Pumping the country’s economy with “helicopter money”, issuing loans by central banks with zero or even negative interest rates will still return like a boomerang for the United States. Ball noted:

I have always been skeptical about Bitcoin and have not taken blockchain seriously. Everything changed because of the artificial pumping of the market with money. It will not last forever, and the time will come when the government will have to put an end to the printing of new dollars.

Forecasts by financial analysts about approaching inflation have become a catalyst for the digital currency market. Investors wishing to secure their fiat funds, see cryptocurrency as a “safe haven”. Institutional investors have moved from words to deeds, in particular, Grayscale has invested more than $ 1 billion in Bitcoin over the past three months.

Ball also noted:

It is likely that we are approaching a depreciation of the dollar, which will entail the collapse of the American financial system. Traders and investors should start diversifying assets now.

Ball believes that the depreciation of the US dollar will lead to a large flow of investors into the crypto market, which, as a result, will result in a soaring price for Bitcoin.

Bitcoin price will go up in early September

Ball predicts Bitcoin will hit new highs after Labor Day (September 7). He addressed investors with the words:

Now is the time when it is worth revising the assets in investment portfolios to have time to protect your capital from a collapse in the global market. Use assets that do not lend themselves to government influence as a safe haven.