Bitcoin can be ‘strong inflation hedge’ during ‘expected’ volatility: Okcoin CEO
Okcoin CEO Hong Fang argues bitcoin has a strong investment value as inflation risks continue in the market.
As investors scramble to find ways to shield their portfolios from a volatile market amid 40-year-high inflation, one cryptocurrency exchange CEO is signaling bitcoin could save you stress and money.
"It's hard to see where it's going in the short-term, but I still believe that it's a strong inflation hedge, particularly as we see that inflation risk is going on over the last 12 months or so," Okcoin CEO Hong Fang told FOX Business’ Dagen McDowell Friday.
Bitcoin hovered around $40,400 Friday morning, down almost 40% from its peak price last November. Fang, chief of one of the world’s largest crypto exchanges, argued the resistance level is expected on "Mornings with Maria."
"It is a market that has a lot of different forces going in different directions, and we're seeing macro uncertainty in the market," Fang explained, "particularly Powell saying that it's possible to raise the basis points by another 50."
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Regardless of market volatility, Fang remained confident in bitcoin’s ability to protect against the possibility of decreased purchasing power.