The bitcoin price surge to $24,000 amid the banking crisis reflects the world’s need for a sound money alternative.
Bitcoin remained resilient in the face of a skeptical market Monday morning, surging past $24,000. Despite fears that the cryptocurrency industry is being taken out of banking, bitcoin is outperforming the S&P 500, which, surprisingly, did not take a major hit, up 0.7% at the time of writing.
Last night, the Federal Reserve, the FDIC and the US Treasury released a joint statement assuring customers of Silicon Valley Bank and Signature Bank that their money would be safe.
This morning, President Joe Biden held a press conference where he tried to address the nation’s banking fears. However, the Commander in Chief left the conference after finishing a prewritten statement, avoiding questions from the public.
In the meantime, the United States saw two of the biggest bank failures in its history.
Perhaps a wiser place for the nation to look for reassurance is Bitcoin. Bitcoin has a stable monetary policy – there will never be more than 21 million. In addition, individual Bitcoin users can hold their own money using the seed phrase, meaning your funds will never fall victim to the dangerous nature of fractional reserve banking.
Money in banks is IOUs. If someone does not have custody of the money, it is not theirs. As this lesson is taught in real time, Bitcoin will continue to evolve. The key point at this time is the moment of opportunity for Bitcoiners to teach others about the good value of money, as well as the fundamentals to start their own bitcoin journey.