This Crisis Will Define the Future of Money
17 Mar 2023 6:11 PM
The recent collapse of three high-profile banks - Silicon Valley Bank, Silvergate Bank and Signature Bank - has caused worrying outflows at hundreds of regional banks. Now, with the U.S. Federal Reserve creating a new backstop facility reportedly worth $2 trillion and Switzerland’s central bank bailing out Credit Suisse to the tune of $54 billion, the echoes of crises in 2008 and 2013 are loud....
- Bitcoin's price surged during the Cyprus banking crisis in 2013, as people warmed up to the idea of bankless digital money.
- Bitcoin's price has rallied again on speculation that stress among U.S. and European banks will open people's eyes to its censorship-resistant, intermediary-free qualities.
- The crypto industry now faces its biggest ever test, one that involves an intensified struggle with the financial establishment.
- With the collapse of three high-profile banks, hundreds of regional banks facing worrying outflows, and the U.S. Federal Reserve creating a new backstop facility reportedly worth $2 trillion, the echoes of the 2008-2009 financial crisis are loud.
- The community now has a narrow opportunity to seize the day and define the future of money.
The article presents a mixed sentiment. While Bitcoin's price surge is seen as a positive development, the current financial crisis and the struggle between the crypto industry and the financial establishment are viewed as negative. The article also highlights the opportunity for the community to define the future of money, which can be seen as a positive outlook.