Cryptocurrency market analysts predict that bitcoin will surpass gold

On Wednesday, April 3, during an interview on CNBC, billionaire Steve Cohen said that he owns a «small share» of bitcoin BTC $56,459.08 Bitcoin -3.08% Market capitalization $1.11 trillion VOL. 24 hours $4.5 billion thanks to his son.

«My son is very passionate about it. He got me to play around and try to figure out how to do transactions on Coinbase,» Cohen said. He added that he does not follow bitcoin closely: «It's not really what I do… There’s definitely a part of the population that believes in it, and maybe it’s the new gold. It’s hard to say.»

The billionaire added that he has no clear opinion on bitcoin. «I think it ultimately comes down to the use cases… Will cryptocurrencies develop use cases? You know, bitcoin is interesting, but it’s only part of the whole ecosystem,» he said.

Cohen also said that he does not consider the stock market a bubble: «I think it’s a really long-lasting thing… There will be big winners and big losers.» The billionaire said that the emergence of artificial intelligence (AI) applications reminds him of the 90s, when some of the best companies appeared on the scene. He is convinced that in the near future, many new names of developers of advanced technologies may appear.

Speaking about the Federal Reserve’s monetary policy, Cohen suggested that it would be advisable to cut the rate three times this year. «I think inflation has been contained somewhat,» he added. However, Cohen warned that it would be «difficult» for the Federal Reserve to reach its 2% inflation target.

According to the analytical tracker ConinMarketCap, at the time of writing, the market leader is trading at $ 65,669, having lost almost 1% over the day. The total supply of coins circulating on the market is $ 1.2 trillion. Traders made daily trading deals worth $ 30.8 billion. BTC’s market share is 52.1%.