ARK Analyst: Cryptocurrencies like Bitcoin are a "safe haven" during banking crises

2023-03-20 23:14:15

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ChainCatcher news, Ark Invest analyst Yassine Elmandjra stated that in the face of the banking crisis in the United States and Europe, the rise in Bitcoin's price indicates that regulatory leniency has no impact on the decentralized, transparent, and auditable cryptocurrency ecosystem. Bitcoin and other cryptocurrencies are behaving like a "safe haven."

Yassine Elmandjra explained that when many banks are closing and others are facing runs, Bitcoin did not stagnate: the network settled approximately $33 billion, facilitated around 600,000 transactions, issued 2,037 new BTC at a stable and predictable inflation rate of about 1.8%, attracted about 1 million new addresses, and generated $43 million in revenue for the miners protecting the network. (Source link)

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