Overview of article
- Bitcoin surges past $24,000 despite banking concerns
- US government releases joint statement reassuring customers of Silicon Valley Bank and Signature Bank
- Bitcoin provides a safe alternative for those looking for sound money
Bitcoin Resilience in Uncertain Market
The cryptocurrency industry remains resilient amidst banking fears, with Bitcoin soaring past $24,000. Defying expectations that the S&P 500 will take a hit, it instead rose 0.7%.
Government Reassurance
Last night, the Federal Reserve, FDIC and U.S. Treasury released a joint statement to ensure funds held by customers with Silicon Valley Bank and Signature Bank are guaranteed. President Joe Biden followed up with an address this morning but walked out after having finished his prewritten statement without taking questions from the public. The US is currently facing two of its largest bank failures in history.
Benefits of Bitcoin
In contrast to traditional banking systems, bitcoin offers users a stable monetary policy with only 21 million bitcoins in existence. Additionally, individuals can opt to take custody of their own money using seed phrases, so that their funds remain secure even if fractional reserve banking fails them.
