Fitch Ratings Establish Bitcoin as Hard Money
Date: 2023-08-07 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
On Tuesday, ratings agency Fitch downgraded the long-term ratings of the United States, citing an expected deterioration in the financial situation over the next three years and a high growing government burden. shock debt.
We saw the growth of the cryptocurrency after Fitch downgraded the US credit rating from AAA to AA +, said Gordon Grant, head of sales and trading at Genesis.
In connection with the increase in borrowing from the US Treasury, the increase in interest rates and the growth of financing needs, the need for an alternative to hard money everything is clearer.
In addition, Grant emphasized the importance of Larry Fink's statement regarding the current macroeconomic situation and bitcoin.
The fact that Larry Fink is saying this, combined with the declining creditworthiness of the U.S. sovereign currency… forms a narrative that implies a certain bitcoin price trajectory . This is something that we are actively discussing with our client base, added the head of the Genesis trading department.
Several large organizations, including BlackRock, Fidelitu, WisdomTree and Valkurie, filed applications for a spot Bitcoin ETF with the SEC, which many considered a positive sign.
