The bitcoin price rocketing to $24,000 amidst the banking crisis is reflecting the world’s need for a sound money alternative.
Bitcoin remained resilient in the face of a very hesitant market Monday morning, surging past $24,000. Despite fears that the cryptocurrency industry is being cut off from banking, bitcoin is outperforming the S&P 500, which, surprisingly, didn’t sustain a major hit, up 0.7% as of the time of writing.
Last night, the Federal Reserve, FDIC and U.S. Treasury released a joint statement ensuring that Silicon Valley Bank and Signature Bank customer money 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 walked out of the conference after having finished his prewritten statement, avoiding any questions from the public.
In the meantime, the United States is looking at two of the largest bank failures in its history.
Perhaps the more sensible 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 to this, individual users of Bitcoin can take custody of their own money utilizing seed phrases, meaning that your funds will never fall victim to the dangerous nature of fractional reserve banking.
Money in the banks are IOUs. If people do not have custody of their money, it simply isn’t theirs. As 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 of beginning their own bitcoin custody journey.