Bank of America Expects Bitcoin 2023 Boom to Continue

Bank of America Says Bitcoin’s 2023 Rise May Continue

A strategist at Bank of America says that Bitcoin’s rally in 2023 could have more room to grow. In particular, the banks said a guiding factor could be how the asset moves between cryptocurrency exchanges and personal wallets.

During the week of April 4, $368 million was sent to personal wallets using Bitcoin. In a note that Bloomberg got its hands on, strategists Alkesh Shah and Andrew Moss said this was the second-largest time Bitcoin left crypto exchanges.

“Investors move tokens from exchange wallets to their wallets when they want to keep them (or HODL),” Shah and Moss said. This could mean that there is less pressure to sell. Also, the constant pressure from regulators on the industry may have influenced how many people held.

Bitcoin’s Rise Continues After the Terrible Year 2022

On the other hand, Bitcoin’s growth so far this year has been higher than that of some practical alternatives. This leads to more talk about how digital assets have improved since 2022, a terrible year. Some have said the Federal Reserve’s possible halt to interest rate hikes would encourage risky investments.

Hong Fang, President of Crypto exchange OKX, told Bloomberg that “Bitcoin is becoming a very clear safe haven for a lot of issues we’re having right now.” Still, the cryptocurrency has already gone over $30,000 for the first time since June 2022. Also, it has increased by more than 80% since the beginning of the year.