The banking crisis might be the stimulate that will kick off the next crypto bull run, in which Bitcoin (BTC) is mostlikely to outperform all other cryptos, according to Mike McGlone, the senior product strategist at Bloomberg Intelligence.
Following the collapse of significant banks such as Silicon Valley Bank and Credit Suisse, self-confidence in standard monetary organizations is being shaken and Bitcoin is endingupbeing more appealing as a “hedge versus banking danger,” believes McGlone.
According to McGlone, the United States Federal Reserve’s hesitation to ease financial policy inspiteof the banking crisis is driving the U.S. economy into a economicdownturn.
This macro environment will eventually favor Bitcoin, which is going to outperform all other cryptocurrencies.
“The more the Bitcoin can sustain above $25,000, then the more the S&P 500 possibly pressures listedbelow 4,000, you’re going to have an indicator that Bitcoin is going to take off,” McGlone pointed out. “I think Bitcoin will outperform practically all cryptos, consistingof Ethereum,” he concluded.
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