Three banks went under last week and into the weekend: Silvergate Bank, SVB, and Signature Bank. While the banks were heavily associated with cryptocurrencies, Bitcoiners took the opportunity to rave about Satoshi Nakamoto’s invention, and what it can mean for the world.
First up is Michael Saylor, the CEO of MicroStrategy, who called Bitcoin a stablecoin, presumably a reference to USDC’s depegging.
“#Bitcoin is the only stable coin.”
As the bank’s fell, and Silicon Valley tech workers began freaking out, Saylor implied their money would have been safe, if only they had held Bitcoin.
“How safe is your money?”
In another tweet, the MicroStrategy CEO called Bitcoin a bank.
“The Bank of #Bitcoin remains open.”
Saylor encourages people to be their own bank.
The High Priest of Bitcoin, Max Keiser, jumped into the foled, as well, just as one might expect. He anticipated a strong week for Bitcoin, which has been true so far.
“#Bitcoin adoption has always mostly been driven by panic, fear, bank collapse, malfeasance & fraud.
Looks like we’re gonna have a big BTC adoption spike this week!”
Keiser continued his tirade against the banks—he once organized silver investors to bring down JP Morgan by buying silver— as the banks fell one by one.
SVB never existed. It’s not gone. All banks in America are accounting phantasms. Fiat holograms. Delusions of grandeur haunting the world’s economies. Faith has long since left the building. We trade worthless paper, food, medicine, contracts, infections and weed for nothing.
He made a price prediction while he was at it:
#Bitcoin an easy 10x from here.
They were UNABLE TO TAPER THEIR PONZI!!!
Now we’ll the biggest flood of money printing in history. Easily more than $50 trillion.
#Bitcoin an easy 10x from here. The Fed & Treasury just capitulated like a Walgreens manager letting all the looters walk away with everything in the store.
Jack Mallers asserted the US banking system would not last much longer:
“We’re watching the banking system of the United States collapse on itself in real-time
The Federal Reserve may have broken the US banking system and tarnished its credibility
Are we entering a new era for US banking?
Will the world now truly appreciate Satoshi and #Bitcoin?”
Samson Mow, like Keiser, said that Bitcoin adoption would like increase:
As sovereign wealth funds, family offices, and pension funds go through the thought process of “which bank is the safest,” some of them will inevitably come to the indisputable conclusion of #Bitcoin.
Jessica Vaugn also took the opportunity to highlight the virtues of Bitcoin.
“On a bitcoin standard, the state can’t make other people & institutions insolvency and poor decisions your problem. Bitcoin is liberation away from the susceptibility of other people’s high risk behaviors & blind spots.”
Dylan Leclair wondered what would be left of the cryptocurrency industry:
“So where do the crypto firms go next for banking relationships if Silvergate and Signature are out of the game?”
While also lamenting the defacto nationalization of the US banking system:
“So the 250k FDIC guarantee became a quasi blank check, and the banking system centralized further. “
*Fed Discusses Easing Access to Discount Window to Help Banks*
steady lads, easing access to liquidity
