Bitcoin (BTC) is on track to close the week with gains of more than 23%. The banking crisis in the United States and Europe seems to have boosted buying in Bitcoin, indicating that the leading cryptocurrency is behaving as a safe haven asset in the near term.All eyes are on the Federal Reserve’s meeting on March 21 and 22.
The failure of the banks in the U.S. has increased hopes that the Fed will not hike rates in the meeting. The CME FedWatch Tool shows a 38% probability of a pause and a 62% probability of a 25 basis points rate hike on March 22.Analysts are divided on the consequences of the current crisis on the economy.
Former Coinbase chief technology officer Balaji Srinivasan believes that the U.S. will enter a period of hyperinflation while pseudonymous Twitter user James Medlock believes otherwise.
Srinivasan plans to wage a millionaire bet with Medlock and another person that Bitcoin’s price will reach $1 million by June 17.Read more on cointelegraph.com