- Jim Rogers says the upcoming recession must be the worst in his lifetime.
- Consumer Price Index in September surged to 8.1%.
In a recent interview, Jim Rogers, an famed investor who launched the Quantum Fund along with billionaire investor George Soros, warns that the bear market will only get worse and that this recession will be the worst he has ever seen.
Also, Rogers discussed his perspective on the U.S economy. He said, in 2008, we faced difficulty because of too much debt, and ever since 2009, debt has soared globally. However, he believes the upcoming inflation issue must be the worst in his lifetime.
And Jim Rogers stated that;
So, something is probably going to happen. We are probably going to have one last rally but that will be it. Then we are coming to the end of the line. Be worried.
Furthermore, the United States inflation rate is on the edge of a crisis and the Federal Reserve is taking a robust approach against price increases. After the release of the August Consumer Price Index (CPI) report, which showed greater inflation, the Fed increased interest rates by another 75 basis points, and in September CPI surged to 8.1%.
How is the Crypto Industry Performing?
Still, the whole cryptocurrency market facing volatility, at the time of writing the global crypto market volume is $920 billion, decreased by more than 70% from its all-time high of $3 trillion. The overall cryptocurrency market volume over the last 24 hours was $45.17 billion declined by 16.09%.
Following that, the most prominent cryptocurrency Bitcoin (BTC) traded at $19,125 which was down by over 72%, and Ethereum (ETH) traded at $1,289 dropped by around 73% from its all-time high, as per CoinMarCap.