The banking crisis could be the spark that will start the next crypto bull run, where Bitcoin (BTC) could beat all other cryptos, according to Mike McGlone, senior commodity strategist at Bloomberg Intelligence.
Following the collapse of major banks such as Silicon Valley Bank and Credit Suisse, confidence in traditional financial institutions is being shaken and Bitcoin is becoming more attractive as a “hedge against banking risk,” McGlone thinks.
According to McGlone, the United States Federal Reserve refused to ease monetary policy even as the banking crisis pushed the US economy into recession.
This macro environment will eventually favor Bitcoin, which will surpass all other cryptocurrencies.
“The more Bitcoin can support above $25,000, then the more the S&P 500 has the potential to pressure below 4,000, you will have an indication that Bitcoin will take off,” McGlone pointed out. “I think Bitcoin will surpass all cryptos, including Ethereum,” he said.
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