As the bitcoin price recovers following a catastrophic bear market, crypto bulls are optimistic that good times lie ahead.
Moreover, they predict that the public’s embrace of bitcoin will strengthen over time as they lose faith in the Federal Reserve for its “irresponsible” fiscal policies.
Travis Kling is the founder and chief investment officer of Ikigai Asset Management. He says the Fed’s recent manipulation of interest rates has caused many people to lose faith in central banks.
Kling: Bitcoin Price Rally Was a Reaction to the Fed
In fact, Kling believes the recent bitcoin price spike was caused by growing public distrust of the Federal Reserve.
“I would say broadly it was central banks [that caused the recent rally],” Kling told MarketWatch. “[Bitcoin] has become a hedge against irresponsible monetary and fiscal policy.”
“We had the Fed do a complete U-turn into dovish mode. Then everyone else [European Central Bank and Bank of Japan] followed.”
“We now have this set-up where they [central banks] have become politicized both in the U.S. and globally. It’s the new world we are living in.”
Highlight: “I think we have definitely seen a renewed interest in the last two months,” says Ikigai Asset Management Founder Travis Kling on $BTC topping $5,000. https://t.co/ohsBg29IFZ pic.twitter.com/OUg8dia0Gz
— Yahoo Finance (@YahooFinance) April 2, 2019
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