Bank of America says crypto  could outperform stocks this year.

April 9, 2022

BofA chief investment strategist Michael Hartnett warned of an upcoming recession due to the ongoing deterioration of macro economic picture.

In a “recession shock,” the strategist warned, volatile cryptocurrencies could outperform stocks and bonds, Reuters reported.

Investors are also expecting the Federal Reserve to increase the key interest rate by 50 basis points.

Bank of America isn’t the only institution that has made such a prediction. Earlier, Goldman Sachs said that they believe there is a 38% chance of a recession over the next 24 months.

Microsoft founder Bill Gates had predicted in 2018 that the US will see a 2008 like recession with certainty.

Bitcoin is still being used as a proxy for risk rather than a shield, analyst for Goldman Sachs said last week.

"We don’t see crypto as competition,” Bank of America COO Tom Montag, Nov 2021.