Amid the banking crisis and the Fed's aggressive policy with additional tightening, bitcoin and the wider crypto market are beginning to be seen as a safe haven.
According to Robert Kiyosaki, author of personal finance books, the dominance of the U.S. dollar as the world's reserve currency is coming to an end. In his opinion, Gresham's law is now in effect, when bad money crowds out good money. Gold and silver should fill the void left by the collapse of fiat currencies.
Kiyosaki also drew attention to the growth in the BRICS member countries, which include Brazil, Russia, India and China. That is approximately 42.5% of the world's population.
Along with gold and silver, Kiyosaki staked bitcoin. And he himself became its supporter, calling the world of cryptocurrencies "people's money."
Bitcoin's strong performance in 2023, when it outperformed gold, is a sign that the top cryptocurrency is starting its new supe rcycle.
Bitcoin is outperforming commodities, and is now almost 10 times ahead of gold. Although gold was considered the most profitable commodity. A global banking crash could mark Bitcoin's maturation since it was born after the great financial crisis.
The strength of bitcoin compared to most assets is that bitcoin is able to provide digital trading potential.
Despite falling commodity prices, central banks continue to tighten policy, and the banking crisis exacerbates serious risks of an economic reset.
As for where crypto proponents think Bitcoin is heading in 2023, several influencers have made wild estimates of a BTC price of $1 million.
But legendary investor Peter Brandt offered a more measured estimate that Bitcoin is 12 months away from new highs.
And some believe that in the next 90 days, bitcoin is unlikely to approach 50,000, let alone 1 million.