THE RISE OF THE BITCOIN PRICE IN THE FACE OF BANKING CRISIS, PROVING US RIGHT
The fact that the price of bitcoin is increasing in the midst of a persistent financial problem seems to confirm what Bitcoiners have long believed.
Robert Hall, a small company proprietor and content producer, has written this commentary.
Events over the past few weeks have alarmed both area banks and investors. More significantly, those who labour and support the economy are beginning to wonder if their bank savings are secure. Following the failures of Silicon Valley Bank (SVB), Signature Bank, Silvergate Bank, and Credit Suisse, there is widespread concern about additional bank runs.
And if you ask me, these worries are not baseless. For instance, it doesn’t engender trust in the financial system to switch on the TV and see that the First Republic requires a $30 billion rescue to remain solvent. Additional financial turmoil might follow. Legendary financier Michael Burry thinks that Comerica Bank and U.S. Bancorp, two additional institutions, maybe in danger. These institutions are essentially in the same situation as SVB. The possibility of additional financial rescues seems to be growing daily.
Plus, federal authorities are looking into the potential of covering all bank accounts across the board in the financial system. The total value of bank savings in the financial sector is about $19 trillion. Any discussion of covering all American banks’ bank savings is absurd and extremely risky. Talk about stoking the flames with more gasoline. This, in my opinion, would increase people’s concerns over their finances and lead to more bank robberies. The Federal Reserve and the government are endangering themselves.
The Federal Reserve is responding to events rather than thinking clearly and making plans in advance. Overreaction and the adoption of potentially harmful policies will result from this. It’s absurd that individuals like Janet Yellen, Jerome Powell, and Joe Biden have any influence over the state of the entire economy.
Knowing that these individuals are in control of the planet’s economic future, do you slumber like an infant at night? There is no need to go into depth about how we arrived here because it has been well-documented; however, taking a step back enables you to see how fragile our current position is.
GOD BLESS BITCOIN
In these turbulent times, I want to be the first to say, “Thank God we have Bitcoin.” With Bitcoin, we can be sure that our money is our money. No outsider will tamper with it and artificially boost its worth. No outside groups can prevent you from getting it. Nobody can prevent you from using it the way you want or from transmitting it to the people you want.
The ability to make decisions is now genuinely in the hands of the people for the first time in history. The most inventive form of money ever invented is bitcoin. People are beginning to realize this as more and more people turn to Bitcoin for protection during turbulent times.
The news of these recent bank failures has sent the price of the cryptocurrency soaring. As of this writing, the price of bitcoin has soared 28.8 percent just in the previous 14 days. In just two weeks, there will be a significant relocation. Is it accurate to state that the typical customer now views bitcoin as a risk-free investment? That direction is unquestionably moving.
This is already common knowledge among Bitcoin users; we are just waiting for everyone to catch up in real-time. The price is currently just north of $28,000 as of the time of composing this piece, but it probably won’t remain that way for long if more bank collapses are reported.
It is encouraging for me as a Bitcoiner when more people start to understand Bitcoin and begin storing their money in it. On the other hand, I didn’t want it to occur in a manner that puts the entire world economy in peril.
Some predict that bitcoin will hit $1 million in the upcoming ninety days! What a moment it is to exist, huh?