Jiang Zhuoer: crypto market growth and internal cycles drive bull markets 5x more than Fed rates
- —Jiang Zhuoer estimated the impact of market growth and cycles versus macro policy at least 5 to 1
- —The 2013 and 2021 bull markets occurred during Fed rate hikes and balance sheet reduction
- —Average crypto market growth is over 50% a year versus about 10% for the U.S. stock market
- —In one cycle, crypto market capitalization can grow tenfold
Why it matters: It argues against the thesis that tight Fed policy dooms crypto to decline, and some investors may reconsider how much weight they give to macro factors.
Source: TokenPost