Crypto Carnage: Why Bitcoin May be Headed to $12,000 And Can UST/LUNA Be Saved?

"Bitcoin shining during inflation was always a myth," claims Gareth Soloway, president and CFO of InTheMoneyStocks.com. He tells our Daniela Cambone that Bitcoin has never experienced an era without quantitative easing stemming from the Fed, and has a $20,000 high-end and a $12,000 low-end target for the digital asset. "Terra's collapse was insane," Soloway exclaims, saying that it will be very hard for it to bounce back significantly since they keep minting, "more and more coins." Soloway asserts that bitcoin is still viewed as, "digital gold," but the precious metal gold is a very mature asset in comparison. "Even after a pretty dramatic pullback recently, gold is still having a positive year," he states when comparing the safe haven to other forms of stored wealth. "Gold should start its next leg up soon," he predicts, as the precious metal saw a downturn over the weekend. He concludes that we are in a "Fed-induced bear market, with a recession coming later in 2022," so it's important to be a nimble investor.

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Chapters:

00:00 Bitcoin's recent performance
03:45 How much lower could bitcoin fall?
06:28 Should investors get out now?
07:39 Is this a bad place to get in?
08:44 What caused bitcoin’s collapse?
10:00 Bitcoin conference hosted in El Salvador
11:00 How long will the pain last?
12:04 The TerraUSD collapse
14:29 Will bitcoin be the only crypto left standing?
15:24 The performance of Ethereum
16:36 Could a bitcoin-backed ETF save the crypto market?
17:40 Gold outperforming the S&P this year
20:49 Is bitcoin following the trajectory of Amazon's stock?
22:42 Soloway’s final thoughts on investing