Jack Maller expects Bitcoin to pump after the collapse of the U.S. banking system.
Following the collapse of Silicon Valley Bank (SVB) and Signature Bank, the Federal Reserve injects $300 billion into the banking sector to save the financial system.
Adding onto the event, Strike CEO Jack Maller predicted the rise of Bitcoin as the US Dollar enters a new era of persistently high inflation.
He supported his argument by stating that Bitcoin has a fixed supply of money while US Dollar has no ceiling. Investors and customers are bound to save their investments in limited and appreciating assets like Bitcoin.
He further expects a normalized USD inflation rate of 5% to 10%. The prediction is further supported by on-chain analytics firm Glassnode which has noted that key on-chain indicators have returned to the early bull market for Bitcoin.
Acc. to Glassnode, over 122,000 new Bitcoin Wallets were created each day last week and transactions reached a total of 309,500 per day indicating interest in the digital asset.
The fall of U.S. banks and further the sell-off of Swiss-based Credit Suisse has ignited interest in Bitcoin and digital assets. Banks are not considered the safest option to park funds. The only hedge is Bitcoin.
The Latest Crypto Headlines:
- Florida Governor Ron DeSantis Proposes Law to Ban CBDCs in the state
- Signature Bank Collapses days after Silicon Valley Bank defaults as US heads towards recession
- FDIC sells Signature bank deposits to Flagstar except for crypto assets.
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.
