Why This Top Financial Expert Is Saying ‘Buy Bitcoin’ Amid Looming Bank Failures

Samuel Edyme

1 year ago

3 mins read

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The traditional banking system is facing major challenges, and according to top financial expert Bernstein, Bitcoin (BTC) could be a savior.

Bernstein analysts foresee Bitcoin’s long-awaited mainstream adoption could be potentially triggered by the US banking crisis.

The analysts suggest that the current state of the banking system will fuel a “new crypto cycle,” driven by mass migration to self-custody wallets. In a note seen by CNBC, analysts Gautam Chhugani and Manas Agrawal noted:

“The safe haven signal will lead to a new crypto cycle, pushing digital wallets as on-chain savings accounts. The gap between Treasury rates and bank deposit rates will continue to hollow out banks, with weak balance sheets leading to another round of mass migration to money markets.”

According to Bernstein analysts, with recent events causing widespread financial uncertainty, investors are increasingly looking towards alternative investment options such as Bitcoin.

BTC Continues Its Uptrend

Despite the supposed buy signal, Bitcoin (BTC) hasn’t made any significant move yet. Instead, it has only seemed to picked up from its slowed-down uptrend in recent weeks. Over the past 24 hours, the top crypto has surged only 1.5% with a market price of $29,402, at the time of writing.

Bitcoin (BTC)’s price chart on TradingView — Bitcoin (BTC)’s price moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

This gearing uptrend comes after a notable fall from the $30,000 region in recent weeks. So far, Bitcoin has a 24-hour range between a low of $28,748 and a high of $29,869. Alongside its price, the BTC market cap has also seen an uptrend. Its trading volume signals buying pressure indicating a possible continuous bullish trend.

Over the past week, Bitcoin’s market capitalization have surged from a low of $527 billion on April 22 to as high as $569 billion as of today. Its trading volume has also spiked from a daily trading volume of $19 billion to $23.3 billion, over the same period.

Implications Of The Banking Crisis On Bitcoin

According to Bernstein analysts, the growing banking crisis in the US could have significant implications for the future of Bitcoin. They predict that the crisis will cause another round of money printing and dollar debasement by the Federal Reserve.

This will once again bring Bitcoin back into the spotlight as digital gold. Cryptocurrency has long been touted as a hedge against inflation, and its value is often seen as an alternative to traditional safe-haven assets such as gold.

Notably, Bitcoin has since been publicized to be the future of finance and with the current state of the banking system, its potential to become the future of finance is becoming increasingly clear.

While traditional banks struggle with weak balance sheets and low-interest rates, Bitcoin continues to gain value and recognition as a legitimate investment option. Its decentralized nature and lack of reliance on traditional financial institutions make it an attractive option for investors looking to protect their assets in times of economic uncertainty.

With Bernstein analysts predicting a new crypto cycle and recommending that investors “buy Bitcoin,” it’s safe to say that the cryptocurrency is set to play an increasingly important role in the future of finance.

Featured image from iStock, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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