A JPMorgan strategist pins bitcoin's gains this year to three reasons, including the bank system turmoil.
It is of course an extremely volatile asset, but as this story was being drafted, bitcoin BTCUSD was up an incredible 69% this year. Gold GC00 — analog bitcoin, if you will — has gained 11%, while the S&P 500 SPX has advanced by 7%.
“For crypto supporters, the U.S. banking crisis exposed the weaknesses of the traditional financial system given banks’ maturity mismatch is susceptible to bank runs,” says Nikolaos Panigirtzoglou, global market strategist at JPMorgan.
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