Why this JPMorgan strategist thinks the banking crisis boosted bitcoin
'For crypto supporters, the US banking crisis exposed the weaknesses of the traditional financial system'
It is of course an extremely volatile asset, but as this story was being drafted, bitcoin was up an incredible 69% (nice) this year. Gold — analogue bitcoin, if you will — has gained 11%, while the S&P 500 has advanced by 7%.
There’s a logical underpinning behind both bitcoin’s, and gold’s, appreciation: the trouble in the traditional banking system, which to date has seen the collapse of SVB Financial, Signature Bank and Silvergate Bank and a systemically important institution, Credit Suisse, being handed over to UBS.
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