Longtime Analyst Bove Says Cryptocurrency Is One Challenge to Dollar’s Dominance
The noted analyst says a possible end to the U.S. dollar-ruled financial system is "frightening, yet the probability is quite high."
Tesla accepting bitcoin payments and running its own nodes is "massively bullish," according to one analyst.
"Backing the dollar is the world's biggest, deepest and the most transparent government bond market," said Marc Chandler, chief market strategist at Bannockburn Global Forex and author of the book "Making Sense of the Dollar."
Bitcoin has rallied by over 400% since Goldman Sachs issued a short dollar recommendation on Oct. 9.
Sell-off in the U.S. dollar and ether's price rally power gains in bitcoin.
The bitcoin price could pull back even further should the dollar stage a full-blown recovery on the back of the latest Fed meeting.