We heard Powel say yesterday there is too much money flowing through the system causing inflation as people with cash chase a limited amount of goods. He intends to extend the financial pain on people until consumption is greatly reduced to get inflation under control, even to the heavy-handed point of increasing the unemployment rate so as to keep people from consuming.
My guess is this will cause weak-handed people holding bitcoin, and precious metals to liquidate so they can pay for life needs, increasing the ready supply of these commodities, and deflating the prices. My guess is the miners with higher operating costs will be merged or bought out by those with lower operating costs.
I believe Bitcoin is not going away. It has recently become correlated with the Nasdaq, but at some point, it may begin following similar market swings as precious metals.
There is a finite amount of Bitcoin to be mined. Bitcoin miners have always known they will eventually work themselves out of a job.
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