After losing 3 bank providers for the crypto industry in quick succession, Bitcoin has continued to move up in price regardless.
Where Is The Crypto Price Plunge?
It might have been thought that to all intents and purposes crypto would have plumbed the depths in price, given that the sector lost its 3 biggest fiat on/off ramps in the space of just several days.
When the FDIC took over and shuttered Signature bank, the government, its regulators, and the banking industry, must have breathed a massive sigh of relief while thinking that at least this drastic action will have put paid to the crypto sector, at least for the time being.
However, nothing of the kind appears to have happened as yet. Bitcoin is still serenely climbing higher, having got to $28,200 at time of going to press, and is seemingly ready to take on the next resistance at around $28,700.
Gold, A Barometer Of The Failing Banking System
Stock markets have opened this morning and Gold has just crossed the $2,000 level. The all-time-high at around $2,077 is surely ready to be broken. One obvious reason for this is that Gold is real money, and not a fiat paper currency that loses its value over time.
Gold also has no counterparty risk, and just like Bitcoin, it doesn’t need any middlemen to be able to fulfil a contract. It is not the liability of anyone or any entity, and no matter what happens economically, it will hold its value, just like it’s been doing for millenia.
Bitcoin Is Gold, And Some …
Bitcoin has the same attributes as Gold, with the addition that it is far more scarce. It is digital, so it can be sent to anyone worldwide in a very short time, and the fees for doing so are very small.
It is perfectly portable, and a holder will have access to it no matter where in the world they might go. It crosses national borders without any government, their agencies, or banks being able to stop it.
Priceless And Difficult To Obtain
These attributes are so valuable as to be almost priceless to the individual who wants to protect themselves from the appalling excesses of the fiat-backed monetary system.
Only the direct intervention of central banks has managed to prop up the banking system for now. Trillions of dollars in value have been promised or given to failing banks, further robbing ordinary people of their purchasing power.
How much longer the system can continue to endure is anyone’s guess, but fail it will. Bitcoin, Gold, and Silver are the only sound monies. Obtaining them is going to become ever more difficult.