Bitcoin, which emerged as a reaction to the global dollar and fiat money system after the banking crisis in 2008, is facing a crisis similar to the bank crisis that laid the foundations of its establishment in the 14th year of its birth.
While the banking crisis in the USA spread to Europe, the bailout packages from the central banks are trying to keep the economies alive. Even if the actions of the Central Banks to keep the banks alive will save the banks in the short term, the public will still pay the bill in the long run.
During all this turmoil, we watch the digital gold position rise with a solid story behind Bitcoin.
Coinbase, the largest cryptocurrency exchange in the USA, also drew attention to this situation in its latest Bitcoin report and stated that the foundations of Bitcoin are getting stronger.
In the research report, it was emphasized that Bitcoin is technically ready to rise, but the weakening of people’s trust in the traditional financial system also had an effect on the rise.
“Cryptocurrencies have shown resilience in this crisis due to technical data. But at the same time, more people are now appreciating having an alternative to the inherent failure of the traditional financial system and rewarding it by turning to it.”
According to the report, investors who see the poor risk management of non-transparent banks among the main causes of the banking crisis in the USA, alternatively, think that transparency in blockchains increases the sense of trust.