The bitcoin price soaring to $24,000 amid the banking crisis reflects the global need for a robust monetary alternative.
Bitcoin remained resilient against a very faltering market on Monday morning, breaking above $24,000. Despite fears that the cryptocurrency industry is disengaging from banking, bitcoin is outperforming the S&P 500, which surprisingly didn’t take a big hit, up 0.7% as of this writing. article.
Last night, the Federal Reserve, the FDIC and the US Treasury issued a joint statement in which they ensure that the money of the clients of Silicon Valley Bank and Signature Bank will be 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 withdrew from the conference after having finished his pre-written statement, avoiding any questions from the public.
Meanwhile, the United States is analyzing two of the biggest bank failures in its history.
Perhaps the most sensible place for the nation to seek peace of mind is Bitcoin. Bitcoin has a stable monetary policy: there will never be more than 21 million. On top of this, individual Bitcoin users can take sovereign custody of their own money using seed phrases, meaning their funds will never fall victim to the dangerous nature of fractional reserve banking.
The money in the banks are promissory notes. If people don’t have custody of your money, it’s simply not yours. Since these lessons are taught in real time, Bitcoin will continue to thrive. This key point in time is a moment of opportunity for Bitcoiners to teach others about the values of sound money, as well as the basic fundamentals to start your own bitcoin custody journey.
