Bitcoin (BTC) Rally Comment from Finance Professor: Temporary or Permanent?

Jeremy J. Siegel, WisdomTree Senior Investment Strategy Advisor and Emeritus Professor of Finance, in an article published bitcoin and ongoing cryptocurrency He talked about his rally.

In his article, Jeremy J. Siegel states that Bitcoin has experienced its biggest rally in a long time, with a 30% gain in the past week. He highlights that the main rhetoric behind the launch of Bitcoin is that the banking system is crappy and the economy needs an alternative.

Siegel Warns Latest Bitcoin Rally Could Be Temporary

Siegel thinks that this discourse gained importance after the last banking crisis and that money was directed to Bitcoin.

However, Siegel also warns that once people feel safe in banks again, the price of Bitcoin could fall back. He suggests that the current rally in Bitcoin may be temporary and driven by the narrative surrounding the current banking crisis rather than any underlying economic foundation.

Overall, Siegel’s comments on Bitcoin show that while he acknowledges BTC’s current rally, he does not see it as a long-term alternative to traditional banking and monetary systems. He believes the banking system needs reform and deposit insurance needs to be increased to prevent banks from failing, but he doesn’t seem to see Bitcoin as a solution to these problems.

Siegel states that all salary accounts should be fully insured and higher deposit protection should be provided to prevent banks from failing.

*Not investment advice.

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