Morgan Stanley (NYSE: MS) has noted that the recent closures of traditional banks in the U.S.
Highlights
- Morgan Stanley MS has noted that the recent closures of traditional banks in the U.S.
- create a perfect opportunity for Bitcoin BTC/USD to shine.
- The investment bank stated that Bitcoin was designed as a way for people to hold value in a private digital wallet without intermediaries.
- Bitcoin’s reaction to negative news changed in recent days, rising almost 20% on Monday after the Federal Reserve and the Treasury announced their support for the banking sector.
- However, the report further noted that Bitcoin’s price and purchasing power continues to be influenced by central bank policy and need banks to facilitate flows into the cryptocurrency market.
- The report added that if Bitcoin were trading on its core value proposition, it would have rallied with rising bank uncertainty
Read the original article
Cathie Wood complains that regulators unfairly targeted crypto while missing the crisis ‘looming’ in traditional banking