The geopolitical shifts continue to hit markets globally, but a new revelation about cryptocurrencies prevails. Analysts reveal how cryptocurrencies have remained stable through the times. The unscathed nature of digital assets brings about new dynamics. For example, many experts and market organizations have changed their attitudes towards digital assets. They consider the digital assets better than the traditional asset classes such as stocks because of the associated stability index.
The chief investment strategist at the Bank of America (BofA) called, Michael Hartnett, shared his views about the fall of the macro-economic situation. He did so through a weekly research note that he directed to the organization’s clients. He gave out several warnings. One was about the anticipated deterioration that could hit the United States with a recession shock. He spoke about the Federal Reserve and its efforts in continues to make to cool down the high inflation that has been ongoing for four decades.
Hartnett inspires hope in digital assets such as cryptocurrency and asserts they could perform better than stocks and bonds. The resilience of cryptocurrency is pretty visible in the current times, as BofA’s chief investment strategist opines. The leader isn’t the only one taking such a stand because others share the same opinion.
Mike McGlone is a senior commodity strategist working with Bloomberg who shares a similar opinion to BofA’s chief investment strategist. He speaks about how cryptocurrencies play a significant role in fighting off inflation that continues to affect most central banks in Western countries.
McGlone reiterates his stand on the divergent strength of Crypto and the market conditions. He refers to the unfolding financial situation which has caused Nasdaq to move down by eight percent on the year. Analysts believe it is shocking that Bitcoin remains unscathed to the point of this publication.
Mr. McGlone, in an earlier statement, spoke elaborately about how Bitcoin continues to mature and that it might get to the point of becoming widely recognized global digital collateral. The leader believes that the current state of Bitcoin isn’t unexpected considering how matters turned out for Bitcoin and the Nasdaq. He says that in 2020 Nasdaq lost a lot compared to Bitcoin.