Bitcoin surges above $24,000 as US sees major banks fail
The BitcoinPrice soaring to $24,000 amid banking crisis reflects the world’s need for a solid monetary alternative.
Bitcoin remained resilient in the face of a very hesitant market Monday morning and surged above $24,000. Despite fears that the cryptocurrency industry will be cut off from banking, Bitcoin is outperforming the S&P 500, which surprisingly hasn’t taken a huge tumble, up 0.7% at the time of writing.
Last night, the Federal Reserve, the FDIC and the US Treasury released a joint statement ensuring customer funds at Silicon Valley Bank and Signature Bank are guaranteed.
This morning, President Joe Biden held a press conference in which he attempted to address the nation’s banking fears. However, the nation’s commander-in-chief left the conference after completing his canned statement, avoiding any public questions.
Meanwhile, the United States faces two of the largest bank failures in history.
Perhaps bitcoin is the more sane place for the nation to look for validation. Bitcoin has stable monetary policy – there will never be more than 21 million. Additionally, individual users of Bitcoin can sovereignly hold their own funds using seed phrases, meaning your funds will never fall prey to the dangerous nature of fractional reserve banking.
Money in the banks are promissory notes. If people don’t keep their money, it just doesn’t belong to them. As these lessons are taught in real time, Bitcoin will continue to thrive. This pivotal moment is a moment of opportunity for bitcoiners to teach others the values of solid money, as well as the basic fundamentals for starting their own bitcoin custody journey.
Source: Crypto News Deutsch