Mike McGlone, a prominent product investment analyst at Bloomberg, suggests that banking woes could be the trigger for the next bull market in data encryption, where BTC is likely to outperform any other cryptocurrency.
McGlone feels that with the collapse of large banks such as Silicon Valley Bank and BNP Paribas, confidence in traditional financial institutions has wavered, and Bitcoin is becoming more and more attractive as a "hedge against trading risk."
In his view, the Federal Reserve has led the US economy to decline despite the banking industry's woes and its reluctance to relax fiscal policy.
In his view, such environmental analysis will eventually benefit Bitcoin, which will outperform any other cryptocurrency.
"the more Bitcoin can stay above $25000, the greater the potential work pressure of the S index below 4000, and you'll have signs that Bitcoin may take off and land," McGraw said. "I think Bitcoin's performance will exceed the vast majority of data encryption products, including ethernet," he concluded.
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