Does high US consumer debt benefit Bitcoin price?
Cointelegraph analyst and writer Marcel Pechman breaks down consumer debt and why it might lead to a good outcome for BTC. On the latest episode of Macro Markets, Cointelegraph analyst Marcel Pechman explains why United States consumption remains strong while auto-loan and credit card balance delinquency is accelerating. According to Pechman, consumer s built a cushion of extra cash savings as the U.S. government injected money to avoid a recession and temporarily forgave student loan repayments. But, according to investment bank JPMorgan, “ consumer s have spent down the entirety of their excess savings from the pandemic, which at one point totaled more than $2 trillion,” as reported by Business Insider. Pechman believes that if JPMorgan’s predictions are correct, the stock market should have been trading much lower. Still, Pechman doesn’t think that betting against the S&P 500 is sound advice, given that inflation is right around the corner and the government will be forced to ...