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The Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, uncertainty and doubt (FUD) across the crypto community, leading many to return to crypto roots — reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008.
Some in the community believe that this could be the event that finally propels Bitcoin and other digital assets into the mainstream. One Twitter user commented, “I’ve been a hodler since 2013. This is why.”
Others are not so sure.
As one Reddit user put it, “I’m not convinced this is a good thing. Sure, it will probably lead to more adoption in the long run, but it’s also going to lead to a ton of FUD and uncertainty in the short term.”
What do you think?
Six weeks after the collapse of Lehman Brothers, Satoshi Nakamoto released the white paper that would pave the way for the emergence of the Bitcoin network. Some people blamed 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 U.S. was 2.1%.
Crypto and tech companies are reeling from the collapse of Silicon Valley Bank. SVB, a Federal Deposit Insurance Corporation-insured bank, was about to shut down operations when USD Coin USDC tickers down $0.96 issuer Circle initiated a wire transfer to remove its funds. 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.