BitcoinBitcoin -0.7% has surged over the last year thanks to a Wall Street earthquake and soaring expectations of a Federal Reserve dovish flip.

The bitcoin price is currently trading at around $70,000 per bitcoin, up almost 400% from its post-FTX collapse lows in late 2022—with the market braced for what's likely to be a game-changing 2024 presidential election.

Now, after one legendary trader predicted the Federal Reserve will restart its money printer later this year, Treasury secretary Janet Yellen has issued a serious warning over the spiraling $34 trillion U.S. debt pile that some think could catapult the bitcoin price to $1 million over the next 18 months.

"We’ve raised the interest-rate forecast," Yellen told Bloomberg on the sidelines of a Group of Seven meeting for finance ministers and central bank governors in Italy. "That does make a difference. It makes it somewhat more challenging to keep deficits and interest expense under control."

Source: Forbes
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