A trader and analyst who bought Bitcoin (BTC) when it was at its lowest point in 2022 is positive on the main crypto currency.
Pseudonymous analyst DonAlt tells their 48,800 YouTube subscribers that the banking industry’s woes are a positive driver for Bitcoin.
“With the macro background that we have, which is basically a lot of confidence in banks being shattered right now, a number of people are truly believing that we are going to see 2008-style bank collapse again. I’m not in that category, but I’m also no banking specialist. Therefore it doesn’t really matter to me. I have my doubts. To be honest, I believe we will see a slew of government interventions, like we experienced in America…
And it basically means it’s a really optimistic thing for cryptocurrency. It’s essentially what Bitcoin was designed for. The rage of 2008 gave birth to Bitcoin. Satoshi was furious with how things were going at the time. That is why Bitcoin was invented. And repeating the same thing is obviously inherently bullish.”
DonAlt, on the other hand, believes that a bank run would have a short-term negative impact for crypto markets. “The problem is that if you genuinely have a bank run and banks collapse everywhere, it’s going to have a little bit of, it’s going to drive the market down. That will suffocate everything. It will drive Bitcoin down in the short run…
In the best-case scenario, there is no banking repercussions. We just have a slew of governments coming in to safeguard what needs to be preserved.”
