Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Sylvia Jablonski, chief investment officer of Defiance ETFs, expects bank earnings to continue to be strong, she said Thursday on CNBC's "Squawk Box."
Banks are benefitting from a few different factors including the rotation out of growth and tech into value and cyclical trades, Jablonski said. Banks tend to do well in an expanding economy, she noted.
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The surge in popularity of cryptocurrencies is also a factor that is benefitting banks, Jablonski said.
"There's been this pickup of crypto trading and you know, custody of Bitcoin (CRYPTO: BTC) and things like that, which I think is bringing new accounts to banks."
"I think that loan growth is going to pop," Jablonski added.
As stimulus eases, she expects people to use their excess savings to invest in their businesses and turn to banks for loans.
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Which Bank Is Best? If she could only pick one bank to invest in, she would choose Citigroup Inc (NYSE:C), Jablonski told CNBC.
Citigroup reported quarterly earnings of $2.15 per share, which beat the estimate of $1.68 per share. The company reported quarterly revenue of $17.2 billion, which beat the estimate of $17.01 billion.
Citigroup has a price-to-earnings ratio of 7.2 which is well below the industry average of around 12, Jablonski said.
"I think I'd probably just go for Citigroup just because it's, in my mind, a deep value play and a super cheap stock to buy."
C Price Action: Citigroup has traded as high as $80.29 and as low as $40.49 over a 52-week period.
The stock was up 0.78% at $70.30 at time of publication Thursday morning.
Photo: JiahuiH from Flickr.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.