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Benzinga
Benzinga
Business
Marcus Sotiriou

Recession Fears Grow But Could This Be Bullish For Bitcoin?

US GDP contracted by 1.4% in Q1 2022 as recession fears heighten. This is bullish for risk assets like Bitcoin and equities in my opinion, as the Federal Reserve may become less hawkish to avoid a recession.

Bitcoin (CRYPTO: BTC) has made significant strides toward mainstream adoption as Goldman Sachs (NYSE:GS) has offered its first Bitcoin-backed loan. Over the past few weeks, it has been clear that Wall Street are adopting crypto further as Cowen, an American investment bank, launched a digital assets unit and BlackRock (NYSE:BLK) took part in the $400 million funding round for stablecoin issuer Circle. Furthermore, private equity giant Apollo Global Management had hired former JPMorgan (NYSE:JPM) executive Christine Moy to serve as its first head of digital assets strategy.

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