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Why this JPMorgan strategist thinks the banking crisis boosted bitcoin
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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.
Read more on fnlondon.comAbout this in other media
Why the Banking Mess Isn’t Over wsj.com /1 year ago
Fed expects banking crisis to cause a recession this year, minutes show cnbc.com /1 year ago
This Friday could hold the key to our bank stocks and the direction of the market for weeks cnbc.com /1 year ago
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