Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
As Faith in USD Declines Some Banks are Turning to Bitcoin
FX Street | | Apr 10, 2023
Image: Unsplash/regularguy.eth
Bitcoin has been expected to benefit from the recent bank failures
- Recent reports highlighted that the Bank of America (BoA) and Fidelity Management bought more than $85 million worth of MicroStrategy's MSTR shares in Q1 this year. The Michael Saylor tech company has been an avid accumulator of BTC and, over the last two years, has acquired 140,000 BTC worth over $4.1 billion.
- While many banks have been critical of cryptocurrencies, the Bank of America has stated that Bitcoin acts similarly to Gold as a safe haven. Calling it an inflation hedge due to its fixed supply, BoA considers it to be a safer investment amidst the uncertain macro environment.
- The bank's global research team, in a recent report, also stated,
"Digital currencies appear inevitable. We view distributed ledgers and digital currencies, such as CBDCs and stablecoins, as a natural evolution of today's monetary and payment systems."
See: Bitcoin Payments on the Rise
- Hedge: As economic conditions worsen and inflation remains high, Bitcoin investment could be a smart move. The Consumer Price Index (CPI) has been a concern and is still above the Federal Reserve's target rate, which could significantly impact spending power. With a recession expected by mid-2023, Bitcoin's increasing dominance in the crypto market and recent recovery could make it a strong investment choice. BTC dominance is holding firm at 47.78%.
JUST IN: Bank of America and Fidelity bought over $85 million of MicroStrategy shares in Q1 2023 - CNN pic.twitter.com/a7d3CwZWVw
— Simply Bitcoin (@SimplyBitcoinTV) April 7, 2023
Continue to the full article --> here
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