Bitcoin should love a Moody’s downgrade of the USA credit rating... ATHs in sight!
Let's revisit the past USA downgrades
S&P downgraded the U.S. in August 2011, and Fitch downgraded the U.S. in August 2023.
I’d be shocked if BTC does not hit all-time highs this week.
BTC DOES NOT act like gold as a safe haven when markets are in disarray caused by wars, leveraged unwinds, or fear trades. But BTC absolutely DOES act as a hedge against loss of confidence in banks & local gov'ts.
In some ways, Bitcoin is just sovereign and bank CDS. And Moody’s downgrade of the U.S. is an explicit symbol of this decreased confidence.
Bitcoin loves that, and should rally as a result.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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