Analysts: Bitcoin Will Live Through Every Bank Failure

There have been many bank failures as of late. The good news – according to several analysts – is that bitcoin is not only going to survive the onslaught, but it will come out with a bright, shining halo over its head at the end.

Bitcoin Is a Fighter

At the time of writing, several financial institutions – such as Signature and Silicon Valley Bank – are crashing, and not long ago, First Republic joined the group. Enkeo Knorr – co-founder of Hong Kong-based financial firm Stabolut and the BTC-backed stable coin USB – said in a recent interview:

Anything can happen still, according to the many voices from government agencies that don’t understand crypto and want it to die. We are very worried about how things [will] evolve in the upcoming weeks. The future of crypto is being decided now.

Jahon Jamali – CEO of American Crypto Academy – said if bitcoin can survive the falling of Signature Bank, it can survive anything. Jamali stated:

Signature Bank’s failure, in the view of many crypto investors, was less about the bank’s viability and more about limiting the on and off ramps for institutional digital asset investors. This (failure) may have a limiting effect on Wall Street’s continued participation in crypto, but it might also have the reverse effect and increase demand among retail crypto investors who might rush into bitcoin fearing increased restrictions to purchase it.

Knorr further stated that bitcoin is likely to at least stay put in terms of its price for some time. He said:

To me, there is a clear and coordinated crackdown on crypto, with Silvergate and Signature Bank as the first victims. Banks should get into crypto by buying exchanges as it’s a very good business with huge potential, but they’re not going to do it because they want to get along well with the Fed and the Securities and Exchange Commission. Nobody wants them as enemies.

Dr. Praveen Buddiga – co-founder of the Terareum Hybrid crypto exchange – doesn’t agree with this sentiment. He believes banks will soon come after crypto trading platforms and said:

These bank collapses have opened up an opportunity for traditional [banks] like JP Morgan Chase, Bank of America, Citibank, or even Goldman Sachs to be the first traditional finance entity to either buy a pre-existing decentralized exchange or platform or generate one as a subdivision.

Crypto Takes on New Form

Bryan Legend – co-founder of blockchain development company OOXY Labs – thinks Silicon Valley Bank fell for a reason separate from the fact that it was connected to crypto. He said:

The fall out of SVB bank together with deep debt at traditional banks has cast a dark shadow over them. Investors want to safeguard their wealth. Bitcoin is one of the blue chips of crypto and will protect them in these turbulent times.

Tags: bank, bitcoin, Bryan Legend