Crypto Suddenly Braced For A Huge China Earthquake As $1 Million Bitcoin Price Predicted To Flip Gold

05/10 update below. This post was originally published on May 9 Bitcoin and crypto prices have rocketed higher this week as a perfect storm gathers for risk assets . Front-run Donald Trump, the White House and Wall Street by subscribing now to Forbes’ CryptoAsset & Blockchain Advisor where you can "uncover blockchain blockbusters poised for 1,000% plus gains!" The bitcoin price has smashed $100,000 per bitcoin for the first time since February, with traders surprised by U.S. president Donald Trump’s crypto czar David Sacks issuing a rare bitcoin price prediction . Now, as traders brace for a $10 trillion Wall Street game-changer , Federal Reserve chair Jerome Powell has been warned a $2.5 trillion “avalanche” is suddenly heading for the U.S. dollar that could help the bitcoin price rocket toward gold’s $20 trillion market capitalization. Sign up now for the free CryptoCodex — A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run Google’s Unbeatable Pixel Update Leaves Other Phones Behind NYT Mini Crossword Clues And Answers For Saturday, May 10 WWE SmackDown Results, Winners And Grades On May 9, 2025 Federal Reserve chair Jerome Powell has been warned a $2.5 trillion “avalanche" is heading toward ... More the U.S. dollar as the bitcoin price soars over $100,000. "We continue to believe the risks of investors being blind-sided by such a non-linear sell-off in the dollar continue to rise," Stephen Jen, chief executive and co-chief investment officer of Eurizon SLJ Capital, and economist Joana Freire warned in a note seen by MarketWatch and pointing to the recent sudden spike in the value of the Taiwan dollar and other Asian currencies that they warn could be a prelude to a dollar sell-off. “There will be others, we predict,” the pair wrote, adding, “the overhang of liquid dollar holdings is just too large if the dollar weakens, the Fed cuts interest rates, and China stages a cyclical rebound.” The Fed, which left rates on hold this week, is widely expected to begin cutting interest rates this summer after putting the loosening cycle begun in September on hold, with expectations growing for cuts totaling 75 basis points in 2025. 05/10 update: The bitcoin and crypto market is closely watching the beginning of U.S. China trade talks after U.S. president Donald Trump signaled the U.S. may be open to lowering the massive tariffs that the U.S. slapped on China at the beginning of April, causing the bitcoin price to sharply fall along with wider crypto and stocks markets. "80% tariff on China seems right," Trump posted to his Truth Social account, adding it’s “up to” Treasury secretary Scott Bessent who will be in Geneva, Switzerland for the talks. "After carefully assessing the U.S. messages, China decided to agree to hold discussions," a spokesperson for the Embassy of the People’s Republic of China in the U.S. said this week. “The talks are being held at the request of the U.S. side.” The bitcoin price has surged past $100,000 per bitcoin this week, breaking back above the closely-watched level for the first time since February. “ The market should be on alert that if neither side shows willingness to compromise, it could dampen the current risk-on mood and weigh on the bitcoin market heading into the weekend,” Yuya Hasegawa, crypto market analyst at Tokyo-based Bitbank, said via email. “Sentiment got an additional lift from the prospect of this weekend’s trade talks between the U.S. and China,” David Morrison, senior market analyst at Trade Nation, said in emailed comments. “While it is understood that these are preliminary discussions, investors are hoping that these negotiations will prove constructive, and lead to a timely resumption in bilateral trade.” However, Morrison added, “there’s a lot of good news already priced in. It’s also the case that it takes time to reach trade agreements, and significant damage has already been done to global trade, with relations between the U.S. and China both frosty and uncertain. In other words, it wouldn’t take much of a disappointment for investors to start reducing their exposure to equities.” U.S. trading partners could start dumping the massive stores of dollars and dollar-denominated assets they have accumulated since the Fed flooded the market through Covid-era lockdowns, the analysts warned, putting the number of at-risk dollars held by China, Taiwan, Malaysia, Vietnam and other major Asian exporters at $2.5 trillion. Meanwhile, some think a sell-off of the dollar and U.S. assets would flow into bitcoin, which has rebounded back to near its all-time price of almost $110,000 through May. “The dominant story for bitcoin has changed again,” Standard Chartered Bank’s head of crypto research Geoff Kendrick wrote in an emailed note. Sign up now for CryptoCodex —A free, daily newsletter for the crypto-curious The bitcoin price has rocketed back to near its all-time high of close to $110,000 per bitcoin after ... More falling sharply along with other assets since February. “It was correlation to risk assets. It then became a way to position for strategic asset reallocation out of U.S. assets. It is now all about flows. And flows are coming in many forms,” Kendrick wrote, pointing to bitcoin spot exchange-traded funds (ETFs) inflows, U.S. states that are passing laws allowing their treasuries to hold bitcoin and sovereign wealth fund and pension funds tiptoeing into bitcoin. “I apologise that my $120,000 second quarter target may be too low,” Kendrick added. Other bitcoin price bulls are even more upbeat, with Miller Value Partners chief investment officer and chairman, Bill Miller IV, telling CNBC the bitcoin price will keep climbing until it eclipses gold’s $20 trillion market capitalization. “Bitcoin’s back in the six-figures with a lot of room to go. If you compare its primary functional use case, a check and a balance on the lack of accountability in fiat unit creation, we still have a long way to go,” Miller said, predicting bitcoin’s “functional superiority” will push it to a price of $1 million per bitcoin.