Harry Yeh, founder of Quantum Fintech Group, said in an interview with Bloomberg TV that interest rate hikes will not be bad for Bitcoin.
Yeh believes that Bitcoin is a hedge against inflation.
The Fed has recently kept interest rates constant, and the value of Bitcoin has subsequently increased. However, the Fed is expected to raise interest rates until 2023. The Fed also accelerated the contraction by reducing its bond purchases. Some analysts think that this move will not bode well for crypto assets whose value is increased by the printing of money.
Bitcoin is trading at $51,486 at the time of writing. The bulls are struggling to start a new rally.
Yeh also stated that it is very important to have crypto in the portfolio. While he said that investors can buy very small amounts of crypto, he stressed that buying stocks often requires large sums of money, with the exception of platforms like Robinhood.