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The world’s largest cryptocurrency was solely designed with the purpose that when traditional financial institutions fail to serve global citizens, Bitcoin will work as a hedge. Rising up to the occasion, Bitcoin (BTC) has been performing exactly the same over the last two days.
As of press time, the Bitcoin (BTC) is trading 9.23% up for the second consecutive day, at $24,372. Over the last 48 hours, the cryptocurrency has added more than $70 billion to its investors’ wealth.
On the other hand, a major rout in America continues on Monday’s trading session despite the Fed intervention over the last weekend.
The shutdown of the Silicon Valley Bank (SVB) last week was the biggest banking fall since the 2008 financial crisis. Apart from that two other banks – Silvergate and Signature – faced a similar fate with depositors’ confidence in the overall banking system going down.
People Moving Money from Banks to Bitcoin?
On the other hand, Bitcoin’s surprise rally over the last two days shows the early signs of people moving their trust from centralized players to decentralized systems. Popular Bitcoin evangelist Michael Saylor took this opportunity to ask his followers on Twitter about how confident they are of the world’s banking system after the recent collapses. A staggering 86% of voters, so far, say they are less confident.
How have recent events impacted your view of the world's banking system?
— Michael Saylor⚡️ (@saylor) March 13, 2023
In another tweet, Saylor wrote: “Bitcoin is a bank that can’t lend out, invest, gamble, dilute, debase, freeze, or seize your assets. It works all the time, everywhere in the world, and is unstoppable”.
In a tweet on Monday, popular crypto market veteran Michael Pompliano wrote:
“Bitcoin is up almost 18% in the last 24 hours. Very clear signal from the market that a decentralized currency that allows you to become your own bank is valued in light of the recent developments”.
Furthermore, the good sign is that the long-term holders of Bitcoin are holding it with diamond hands. This cohort of Bitcoin investors now holds more than 73% of the total BTC supply.
To investors realizing that they might want to own some Bitcoin now that the Fed is already intervening, good luck getting what's left.
Long-term holders now have 73% of the total supply.
You're not getting my coins, and there are many others like me. pic.twitter.com/0sAZxskXl9
— Will Clemente (@WClementeIII) March 13, 2023
Apart from Bitcoin, other altcoins are showing strength as well. But Bitcoin seems to be clearly dominating the market rally, over altcoins, for the second consecutive day.
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