A trader and analyst who took a long position on Bitcoin (BTC) as it bottomed out in 2022 is expressing bullish sentiment on the flagship crypto asset.
Pseudonymous analyst DonAlt tells their 48,800 YouTube subscribers that the troubles being experienced in the banking industry are a bullish catalyst for Bitcoin.
“Given the macro background that we have, which is basically a lot of faith in banks being destroyed right now, a bunch of people are actually thinking that we are going to get 2008-style bank collapse again. I’m not necessarily in that group but I’m no banking expert. So for me, it doesn’t really matter. I doubt it. Honestly, I think we’re going to get a bunch of government interventions as we did in America…
And that’s basically like it’s a really bullish thing for crypto. It’s basically what Bitcoin was made for. Bitcoin was born through the anger of 2008. Satoshi was very, very angry at how everything was playing out back then. And that’s why Bitcoin was created. And having the same thing happen again is obviously fundamentally bullish.”
DonAlt, however, says that a bank run would have a short-term negative impact on the crypto markets.
“Problem is if you truly get a bank run and banks collapse everywhere, that’s going to have like a little bit of, it’s going to drag the market down. It’s going to drag everything down. that’s going to drag, in the short term, Bitcoin down…
Best-case scenario – we don’t get any banking fallout. We just get a bunch of governments stepping in, protecting what needs to be protected.”
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