BoA analyst predicted investors’ abandoning stocks and bonds in favor of cryptocurrencies
The chief investment strategist at the Bank of America predicts a “recession shock” in the US because of the Fed’s actions
10.04.2022 - 07:00
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What’s new? Bank of America’s chief investment strategist Michael Hartnett stated that cryptocurrencies could outperform bond and stock yields. He also predicted a “recession shock” is coming in the United States amid a tightening of monetary policy by the Federal Reserve System (Fed), Reuters reports.
What else did Hartnett add? While the global markets suffer from the macroeconomic crisis, cryptocurrencies are more unscathed by the global economy. As the Fed struggles to reduce inflation, which is at its highest in the last 40 years, the deterioration of the situation could lead to a recession in the US economy.
Hartnett explained:
“Inflation shock worsening, rates shock just beginning, recession shock coming.”
Earlier, the SEC approved an application to launch a bitcoin ETF from Teucrium, an exchange-traded funds provider, which was filed back in May 2021. The asset will be traded on the New York Stock Exchange (NYSE) under the ticker BCFU. Also, the US Federal Deposit Insurance Corporation (FDIC) required banks to report any cryptocurrency-related activity.
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