A widely followed crypto strategist says the US banking crisis is one of the best advertisements for traders interested in Bitcoin (BTC).
In a new interview on Crypto Banter, the anonymous host of InvestAnswers says he believes people are investing fiat currencies in Bitcoin over fears of the banking fallout.
He says those who lived through the Great Recession of 2008, which was triggered by a banking crisis, are viewing Bitcoin as a safer place to invest their wealth.
“I think what’s happening is you’ve got people coming into Bitcoin. All they know is Bitcoin. They don’t know crypto. But they’re afraid for their fiat, therefore they’re buying Bitcoin first. That’s what you’re seeing here. You’ve got people that have been in Bitcoin for the longest time. If they were too young to live through the great financial crisis in 2008-2009, they don’t know what just happened.
The people that have been around and know what Bitcoin is about just had the best advertisement since the great financial crisis of 2008. That’s my take. And I think people are flooding in. I had calls yesterday reflecting exactly that, new time buyers. And it’s scarce and there’s not much on the exchanges.”
Bitcoin saw a remarkable rise as American banks failed, shattering the $26,000 level on March 14th after dipping into the $19,000 level last week.
Bitcoin has since retraced and is trading for $24,658 at time of writing.
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