First quarter of the year we witnessed a great deal of bank collapse which is passing a wrong signals that the monetary system can’t be trusted, the bitcoin evangelist and also a bitcoin with he’s firm accumulation of the king crypto bitcoin says that the fail of the current monetary system is pushing investors towards smart money which he refers bitcoin has one.
The lose of confidence on the existing monetary system which he said has made the likes of Gold and bitcoin more attractive to investors. In he’s recent interview which he says that If you lose confidence in the currency, the banks, then you lose confidence in fiat currency as money. And therefore the money is dying. It’s obviously dying in Venezuela, it’s obviously dying in Argentina. But it’s dying everywhere in the world even in the United States and in Western Europe.
So when you lose confidence in the money then you start thinking about commodity monies. If I can’t trust the bank, if I can’t move the money cross-border and if the currency is losing value every year or every month, then I start thinking about commodity monies.
In comparison statement which he says that he will chose bitcoin over gold anytime, anyday reason been that it’s cheap and not expensive to maintain.
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Twitter:Hironakamura
Greetings, Hironakamura I read your piece about how bank failures have influenced the growth of smart money and the applicability of Bitcoin in this setting. It's fascinating to hear your opinions on the state of the financial system and the possibility for cryptocurrencies to become more important. Watching how everything plays out over the next years will be really interesting.
Yeah @hassanahmed611 less see as the failed monetary system is driving more influx in bitcoin.
I cannot trust completely an asset like Bitcoin, where I cannot keep my value secure. The volatility is too extreme and the price moves too much. Stablecoins provide a way for countries like Venezuela for their citizens to preserve their wealth against hyperinflation.