While the crypto community has spent days expecting Bitcoin to hit a new record high, Wall Street veteran and mathematician Fred Krueger has come up with an extremely bullish prediction for the king coin.
On May 20, Krueger shared on X a 90-day timeframe beginning July 21 when Bitcoin will begin rising in value in response to macroeconomic trends.
Krueger doesn't expect enough buyers for the Treasury auction — the process of the Treasury selling government debt like Treasury bills and bonds to raise money for federal expenditure or covering debt — worth $20 billion expected around July 21, with the Federal Reserve hinting at “extraordinary measures.”
The action should send Bitcoin rallying to $158,000-$165,000 within 24 hours, he claims.
Next, Krueger expects BRICS (Brazil, Russia, India, China, and South Africa) nations to announce on July 25 an independent global payment rail to settle in gold and Bitcoin and reduce reliance on the U.S. dollar. While Fed Chair Jerome Powell might protest that the dollar system is “robust,” nobody would believe him.
Bitcoin will further rise to $180,000, he predicts.
Krueger then expects the Fed to announce yield curve control (YCC) around Aug. 4 to keep maximum interest rates on the 10-year Treasury yield at 6.5%. The Fed's action would lead to a dollar devaluation, with BTC skyrocketing to $215,000, he argues.
Institutional shift to Bitcoin
Around Aug. 14, Krueger expects a threefold action: Germany announcing 10% gold reserve backing for the euro, countries like Venezuela, Turkey, and Nigeria moving forex reserves to Bitcoin, and Tether issuing a new BTC-backed stablecoin. Bitcoin will soon rise to $265,000, as per the analyst.
Krueger thinks the Fed will begin exploring Fedcoin, a central bank digital currency (CBDC) which is the digital form of the dollar, around Sep. 5. Treasury yields would exceed 8.5% — against the Fed's target of 6.5% — before YCC controls them. Bitcoin will rally to $390,000 in the ensuing week, he predicts.
Next, Apple, Tesla, and Google should announce Bitcoin accounting conversions around Sep. 15 as the largest public companies begin adding the asset to their balance sheets, as per the analyst. With the entire Latin America shifting to Bitcoin, the cryptocurrency will rally to $460,000, he adds.
Even the International Monetary Fund (IMF) will announce a new global reserve basket with Bitcoin occupying 50% of it, which will further push the asset's price to $525,000 around Sep. 25, Krueger predicts.
The analyst expects the U.S. to finally take charge around Oct. 6 as it restructures the U.S. dollar, 25% backed by BTC and gold each. It will also launch a CBDC as the Fed's balance sheet stands at $44 trillion. Bitcoin will then reach that target of $600,000, Krueger claims.
Earlier, the Wall Street veteran even advised buying Bitcoin and not investing in Bitcoin treasury companies.
QuickSwap co-founder Roc Zacharias responded that though "Fred is being funny here," a lot of this will happen but over a longer time frame.
As per Kraken, Bitcoin was trading at $105,325 at the time of writing.
Disclaimer: The content above is intended for informational purposes only and should not be taken as financial advice. Do your own research before investing.