Crypto NewsAnalysisBernstein Analyst: "The Banking Crisis Is Not Over, So Bitcoin and Cryptocurrency...

Bernstein Analyst: "The Banking Crisis Is Not Over, So Bitcoin and Cryptocurrency Bull Cycle…"

Bernstein analyst Gautam Chhugani explained his views on Bitcoin and cryptocurrencies in a new note he published.

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Bitcoin and cryptocurrencies started the month low as investors expected the bankruptcy of First Republic and its subsequent takeover by JPMorgan Chase to put an end to the regional banking crisis.

"The Banking Crisis Is Not Near End, Bitcoin Will Remain Resistant"

But according to Bernstein analyst Gautam Chhugani, the havoc in the banking sector that has boosted Bitcoin over the past two months is "not near the end" and BTC will remain resilient in the coming months.

"Bitcoin and the crypto finance system were made for times like today," Chhugani said in a note released Monday, highlighting "the collapse of traditional financial systems" and "principal questions regarding the fractional reserve business model of banks."

“Crypto wasn't just a bubble of the low-interest era (perhaps it was temporarily)," he added.

“Cryptocurrencies are emerging as a solution in the midst of economic collapse and as an alternative to centralized monetary systems,” the analyst said.

The analyst also said there has been a growing bearish rhetoric around the dollar, driven by concerns about the "ballooning" debts of the US government and the waning confidence of other countries in the US dollar as the world's reserve currency.

“As the rhetoric about the weakening of the dollar increases, we believe that Bitcoin will emerge faster than gold again,” Chhugani said.

“We also believe that this will start a new crypto cycle and bring a new wave of innovation in crypto-based decentralized financial systems.”

Also, regulatory arguments against crypto in the US are weakening as Europe and Hong Kong adopt more progressive approaches.

*Not investment advice.

Buradaki Yorumlardan Bildirim Al

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