The banking crisis could be the spark that will kick off the next crypto bull run, in which Bitcoin (BTC) is likely to outperform all other cryptos, according to Mike McGlone, the 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,” thinks McGlone.
According to McGlone, the United States Federal Reserve's unwillingness to ease monetary policy despite the banking crisis is driving the U.S. economy into a recession.
This macro environment will ultimately favor Bitcoin, which is going to outperform all other cryptocurrencies.
"The more the Bitcoin can sustain above $25,000, then the more the S&P 500 potentially pressures below 4,000, you're going to have an indication that Bitcoin is going to take off," McGlone pointed out. "I think Bitcoin will outperform virtually all cryptos, including Ethereum," he concluded.
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