Cryptocurrency analyst Michaël van de Poppe recently reacted to the Federal Open Market Committee's (FOMC) rate hike and the acceptance speech of the United States Chairman - Jerome Powell. Van de Poppe, who has more than 655,000 Twitter followers, believes that Powell's speech was the last rate hike and expresses serious concern regarding the US banking system's current situation.
While Powell maintained the US banking system is currently "healthy, sound and resilient", Van de Poppe has debunked this claim. He further explains, a few banks have fallen apart after the market and the banking system is weakest it has ever been.
The trader is still positive in the future of Bitcoin. He believes Powell's moves as mentioned in his speech are strengthening the digital gold, as this will be the last rate hike by the Fed. Van de Poppe encourages Bitcoin and cryptocurrency buyers to lend their clients money in order to take excessive risks, so as to benefit from the "decade of Crypto and Commodities".
At time of writing, Bitcoin (BTC) was priced at $ 28,898 and had gone up 1.6% in the last 24 hours. Van de Poppe notes that there is a bullish environment around Bitcoin with majority of the analyst's either happy or discussative. He sees a potential break above $ 29,200 and a retest as the trigger to reach new highs. He further expects that the banks falling apart will be good news for BTC.
In a nutshell, it seems the future of Bitcoin is looking up, especially with the falling apart of banks. With Van de Poppe's advice on buying hard assets like Gold and silver and Bitcoin and Crypto, this definitely looks like the decade of Bitcoin and Commodities.
Dorothy Reyes
- 2023-05-04
Bitcoin to Benefit From US Banks Falling Apart
Crypto analyst Michaël van de Poppe is bullish about Bitcoin despite worries about the current state of US banking system. This article looks at the effect of the US Chairman's speech on Bitcoin, the current state of the US banking system, Van de Poppe's views on it, and how the falling apart of banks could be good news for the world's leading cryptocurrency.
![CandleFocus Bitcoin-Crypto-HardAssets-USBankingSystem-Decade](https://images.candlefocus.com/Bitcoin-to-Benefit-From-US-Banks-Falling-Apart.jpg)