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Cryptocurrency News Articles
Robin Brooks Insists Bitcoin Is "Just Another Bubble Asset" Despite Recent Gains
Nov 02, 2024 at 04:10 am
Robin Brooks, former chief economist at the Institute of International Finance, continues to insist that Bitcoin is "just another bubble asset" despite the substantial gains that were recently recorded by the flagship cryptocurrency.
Robin Brooks, a former chief economist at the Institute of International Finance, has downplayed the recent rally in Bitcoin, attributing it to an interest rate cut by the Federal Reserve.
Despite Bitcoin's substantial gains, Brooks maintains his stance that it is "just another bubble asset."
This claim has drawn attention following Bitcoin's recent rally, with some supporters using Brooks's past statements to bolster their arguments.
However, Brooks has clarified that his original post was not a directional call on the cryptocurrency's price.
Bitcoin's price plunged sharply in 2022 as the Fed began hiking rates aggressively to curb soaring inflation.
The cryptocurrency experienced a strong rally in early 2024, coinciding with the ETF boom.
In September, the Fed implemented its first rate cut since 2020, which helped boost the prices of risk assets, including Bitcoin.
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