Banks down? That is why Bitcoin was created, crypto community says
Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community, leading many to come back to crypto roots, reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008.
It's truly amazing how many people are scared that a couple banks went down. Someone tell these people WHY BITCOIN WAS CREATED.
"There’s an entire generation of builders who only read about Lehman and the financial crisis and scoffed at Bitcoin. Now, their eyes are wide open. Welcome new friends," stated on Twitter Ryan Selkis, founder and CEO of Messari.
in shockthat is allthe SPEED at which all of this is happening is unbelievable
Approximately six weeks after the dramatic collapse of the American bank, Satoshi Nakamoto released the now famous white paper that paved the way for the emergence of the Bitcoin network.
Some people blame the SVB failure on the rising interest rates in the United States. The Federal Reserve increased its benchmark rate over the past year to more than 4.5% - the highest rate since 2007. In January, the inflation rate in the US was 6.4%.
Add “interest rate driven bank run” to the increasingly long list of “things I did not think I’d see in 2023”
Many crypto and tech companies are affected by the collapse of Silicon Valley Bank. USD Coin (USDC) issuer Circle revealed it could not withdraw $3.3 billion of its $40 billion reserves from SVB, leading to a sell-off and the stablecoin's price dropping below its $1 peg.
Less than 24 hours old and already experienced his first bank run. pic.twitter.com/PjqGh1UAXg
SVB, a Federal Deposit Insurance Corporation-insured bank, was about to shut down operations when Circle initiated a wire transfer to
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