The banking crisis could be the spark that sets off the next cryptocurrency bull run, in which Bitcoin (BTC) is likely to outperform all other cryptocurrencies, according to Mike McGlone, a senior commodity strategist at Bloomberg Intelligence.
Following the collapse of major banks like Silicon Valley Bank and Credit Suisse, confidence in traditional financial institutions is weakening and Bitcoin is becoming more attractive as a “hedge against bank risk,” McGlone thinks.
According to him, the unwillingness of the US Federal Reserve to ease monetary policy despite the banking crisis is leading the US economy into a recession.
He believes that this macro environment will ultimately favor Bitcoin, which will outperform all other cryptocurrencies.
“The more Bitcoin can be sustained above $25,000, the more potentially pushing the S&P 500 below 4,000, you have an indication that Bitcoin is going to take off,” McGlone said. “I think Bitcoin will outperform virtually all cryptocurrencies. , including Ethereum,” he concluded.
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