BitBoy Crypto founder Ben Armstrong discusses whether he believes that Bitcoin is a hedge against inflation given the asset’s performance during the most recent economic downturn.
BEN ARMSTRONG: Right now, we're at the point in Bitcoin's four-year cycle to where we should be in a bear market. And prices should be going down. I mean, historically, points to a $10,000 Bitcoin. Now, I don't know if we're going to get that low, but I think definitely challenging the lower 20s will be something that we will do here probably between now and November.
And I think that when it comes to talking about, is Bitcoin a hedge, I mean, look-- if you look at the price of gold, the price of gold, if there's a collapse or a recession, the price of gold generally tends to drop as well. So I don't think there's an asset out there that is 100% inflation-proof, that's 100% a hedge. We're always going to see things move with the overall markets. But I think what's really important to understand with Bitcoin is it showed an ability to outperform the rest of the market for a considerable part of its life, and that is cyclical, so we see it every four years. Right now, Bitcoin should be dropping. Into 2024, we should see Bitcoin probably hitting all-time highs again.