The consecutive collapses of leading banks in the USA caused a decline in cryptocurrencies.
The gradual resolution of bank crashes led to minor rallies in altcoins, especially Bitcoin (BTC).
Evaluating the relationship between bank crashes and Bitcoin, Real Vision CEO Raoul Pal said that these crashes and the banking crisis will further strengthen the BTC and cryptocurrency market.
Speaking in a recent interview with Anthony Pompliano, Raoul Pal argued that the crypto industry, Bitcoin, could explode in the coming years as trust in banks wanes and people realize the benefits of crypto amid bank crises.
“I think what happened on the banks front is a potential setup for Bitcoin and the entire crypto market.
In this context, I invested in Bitcoin in 2013, as I realized that after the financial collapse of investment banking company Lehman Brothers, there was no trust in the banking system.
When you realize that you are not actually the owner of your money in a bank, people are looking for other alternative systems.
And when the Treasury and the FED say ‘we’ll pretend it’s okay’, alternative financial systems draw people in.
That’s exactly why I got into Bitcoin in 2013 and have been an active participant in the market ever since.”
Finally, Pal added that he thinks there will be a huge pushback from the government as more people leave the traditional financial system and enter the Bitcoin and crypto industry.
*Not investment advice.