Bitcoin most likely to surpass all crypto properties following banking crisis, expert describes
The banking crisis might be the stimulate that will start the next crypto bull run, in which Bitcoin (BTC) is most likely to surpass all other cryptocurrencies– according to Mike McGlone, senior product strategist at Bloomberg Intelligence.
Following the collapse of significant banks such as Silicon Valley Bank and Credit Suisse, self-confidence in conventional banks is being shaken and Bitcoin is ending up being more appealing as a “hedge versus banking danger,” believes McGlone.
According to him, the United States Federal Reserve’s aversion to reduce financial policy in spite of the banking crisis is driving the U.S. economy into an economic downturn.
He thinks this macro environment will eventually prefer Bitcoin, which is going to surpass all other cryptocurrencies.
” The more the Bitcoin can sustain above $25,000, then the more the S&P 500 possibly pressures listed below 4,000, you’re going to have an indicator that Bitcoin is going to remove,” McGlone mentioned. “I believe Bitcoin will surpass essentially all cryptos, consisting of Ethereum,” he concluded.
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