Bank of America: Crypto Can Outperform Stocks Amid Potential Fed-Propelled Recession
Bitcoin and other cryptocurrencies could outperform bonds and stocks amid a potential recession, noted Michael Hartnett, BofA’s chief investment strategist. In a recent note, he argued that the US Federal Reserve’s new policy could push the country and most of the world into such an economic state.
After years of trying to fight the consequences of the COVID-19 pandemic through enhanced expansion of its balance sheet, which is now around $9 trillion, the US central bank changed its tune at the start of 2022. Meaning that after more than doubling its balance sheet since March 2020, the Fed decided to start reducing it, with some reports suggesting that it could soon shed up to $95 billion worth of assets per month.
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