JPMorgan Chase: Fed rate hike could trigger cryptocurrency slump

time:2022-02-17 06:00 source:Internet

Cryptocurrencies could tumble further as the Federal Reserve raises interest rates and ends an era of "crazy" speculation, JPMorgan Asset Management chief global strategist David Kelly said on Wednesday. “At some stage, I would expect cryptocurrencies to suffer significant losses because there is nothing there,” he said. Investors have pulled away from riskier investments as the Fed prepares to raise interest rates several times in 2022 to curb inflation . Kelly believes that the recent market turmoil is not over, and that digital assets are particularly dangerous because they are useless. These are illusory things that are vulnerable to rising interest rates. The veteran strategist said the Fed's pandemic-era stimulus has forced bond yields to ultra-low levels, prompting investors to turn to highly speculative investments such as cryptocurrencies and unprofitable tech stocks.

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