Today marks 90 years since the Proclamation of 2039. When the historical event took place almost 75 years before Bitcoin was created, the anniversary is a reminder of why the top cryptocurrency was created and why it is important to consider having some.
What is Proclamation 2039?
For one week beginning on March 6, 1933, banks across the United States were closed by order of President Franklin Delano Roosevelt. Roosevelt had only been sworn in less than 48 hours earlier, and had already made history.
During the declared bank holiday, no one in the whole country can withdraw, transfer or deposit money. The move was in response to a series of banks in the US that began in the Great Depression that developed after the 1929 Wall Street panic.
Faith in the financial system collapsed. Fearing a rapid decline in the value of paper currency, US citizens began to rush to redeem paper money for gold. The Federal Reserve Bank of New York’s gold reserves fell below the legal limit, prompting the 2039 Proclamation.
The week-long bank holiday allowed government officials to prepare the most important piece of legislation, the Emergency Banking Act of 1933.
Bitcoin was created after the great financial crisis | BTCUSD on TradingView.com
Why It’s A Reminder To Buy Bitcoin
“I can assure you that it is safer to keep money in a reopened bank than in a mattress,” said President Franklin Roosevelt. Confidence in the banks was broken, and the government again stepped in.
The tone in the financial industry today is not encouraging, with the majority of analysts expecting a significant recession and another crash like the collapse of 1929. The same lack of faith and trust in the financial system is on the rise.
Bitcoin was born in 2009 after the Great Recession as the government again bailed out the banking system. Decentralized cryptocurrency cannot be shut down by the government for a sudden vacation.
Open banking is unnecessary with BTC, because as long as you hold your private key, you are your own bank. The supply is managed by mathematical code and cannot be underestimated. All the problems that caused the Proclamation of 2039, will not be in the Bitcoin standard.
While the fledgling cryptocurrency isn’t close to replacing central banks or the current monetary system, it will allow users to access their assets during the next major financial crisis, no matter how bad banks have screwed up this time.
90 years ago today, FDR shut down the U.S. banking system to stop the banks from running wild in the aftermath of the Wall Street Panic of 1929, as the Great Depression worsened.
This is why I believe #Bitcoin. No one can close my bank. pic.twitter.com/Azir5fanEp
– Tony “The Bull” (@tonythebullBTC) March 6, 2023