Banks are collapsing. Will Bitcoin and other cryptocurrencies rise from here??

[Silberman]

And you can be completely sure that banks are doing everything they can so that day does not come, even right now people are depending on the banks to buy bitcoin, as the majority of them are using centralized exchanges and the money on their bank accounts to obtain cryptocurrencies, however if the majority of us could bypass them and acquire almost everything we want easily and without any inconvenience by using our bitcoin directly then the monopoly of banks over the economy will be no more.

I guess you could say we are really lucky that we know about cryptocurrencies and how to use them. When I travel, I just need to have my crypto wallet and smartphone with me so that I can feel comfortable in almost any country. But I still need to convert the cryptocurrency into national currency in order to do so. True, I don't have to declare at customs the amount of currency I take out of the country, which is also very convenient.

And this is something governments hate, when it comes to almost any other asset you will leave a trail which will allow the government to know that you are moving your wealth from one place to another, but bitcoin allows you to move your wealth in ways which are very private, in fact if you wanted you could move your coins without leaving any psychical evidence this is the case if you memorized your seed words and then you restored your wallet once you had passed through customs.

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[darewaller]

I guess you could say we are really lucky that we know about cryptocurrencies and how to use them. When I travel, I just need to have my crypto wallet and smartphone with me so that I can feel comfortable in almost any country. But I still need to convert the cryptocurrency into national currency in order to do so. True, I don't have to declare at customs the amount of currency I take out of the country, which is also very convenient.

And this is something governments hate, when it comes to almost any other asset you will leave a trail which will allow the government to know that you are moving your wealth from one place to another, but bitcoin allows you to move your wealth in ways which are very private, in fact if you wanted you could move your coins without leaving any psychical evidence this is the case if you memorized your seed words and then you restored your wallet once you had passed through customs.

Some Governments are only concern in our safety. It will help them track the criminals easily if the transactions are recorded everywhere. In Bitcoin, it still possible to see the wallet activity but there are ways to make it private. One is by using a Mixer. This is why Governments are after them and they are now shutting them one by one. Memorizing seed phrase might be possible than the former private keys which compose of so many random characters but this was not advisable as there as still instances that we can forget it.

It's always better to have a back up especially if our goal is to HODL our BTCs for a long time. You can make multiple copies and hide them in different places. That way authorities won't find any evidence that you hold a crypto just in case they investigate you.

[NicNacCoin]

Recently bank like Credit Suisse and Silicon Valley bank are collapsing. People are switching their money to bitcoin. Is it the sign that more people are no longer trusting the bank and are moving toward to decentralized world?

Bitcoin is moving at its own pace. Bitcoin does not move forward depending on any medium. But currently, the most corruption is happening in the banking sector all over the world. People don't consider their money safe in banks anymore. Swiss bank silicon valley bank all the banks are going bankrupt then how people will trust the bank. I myself do not believe in banks because more and more corruption is happening in the banking sector in my country Bangladesh. That's why people are now flocking to cryptocurrencies a little more. In this way, if people rush more towards cryptocurrency, then surely cryptocurrency will have an impact and its importance will increase.

[uneng]

Recently bank like Credit Suisse and Silicon Valley bank are collapsing. People are switching their money to bitcoin. Is it the sign that more people are no longer trusting the bank and are moving toward to decentralized world?

The collapse of banks in US have indeed its positive impact on Bitcoin price, as we can see the price has been rising since that happened, however, we must be careful when making further assumptions, because most people aren't switching their money into bitcoin. I believe the impact we see is more due to big investors speculating, instead of an organic movement from the independent society towards Bitcoin's adoption.

Is it the sign that more people are no longer trusting the bank and are moving toward to decentralized world?

I'm not sure about that. It's more like a signal speculators have already saturated the traditional market, so they are willing to come back to crypto universe, until they also saturate it once again, and then go back to traditional markets once more. That is the never ending cycle we have been watching to happen before our eyes.

[GelatikKembar]

it has been proven that Bitcoin has risen from $20k to $30k, of course this is a very good thing to start from the beginning of a bullish recovery,
moreover the halving is also getting closer, yes 2024 is a bullish time because the halving will occur there, hold on if you believe in Bitcoin.

[borovichok]

Recently bank like Credit Suisse and Silicon Valley bank are collapsing. People are switching their money to bitcoin. Is it the sign that more people are no longer trusting the bank and are moving toward to decentralized world?

Cryptocurrency is one of the top projects to invest in but with the sudden procrastinating and nailing negative thoughts on Bitcoin which is also a crucial project in the space, it have triggered FUD in individuals, they get scared of hugh losses in crypto which is totally unclear, they're kept in the dark side of cryptocurrency and that's one of the main barrier that caught up with these people. Banks and the government are the real enemies here, they do whatever it takes to ceased one's money when they persist the growth of an individual account.

[fzkto]

Recently bank like Credit Suisse and Silicon Valley bank are collapsing. People are switching their money to bitcoin. Is it the sign that more people are no longer trusting the bank and are moving toward to decentralized world?

The collapse of banks in US have indeed its positive impact on Bitcoin price, as we can see the price has been rising since that happened, however, we must be careful when making further assumptions, because most people aren't switching their money into bitcoin. I believe the impact we see is more due to big investors speculating, instead of an organic movement from the independent society towards Bitcoin's adoption.

Is it the sign that more people are no longer trusting the bank and are moving toward to decentralized world?

I'm not sure about that. It's more like a signal speculators have already saturated the traditional market, so they are willing to come back to crypto universe, until they also saturate it once again, and then go back to traditional markets once more. That is the never ending cycle we have been watching to happen before our eyes.

The price of bitcoin started to rise before banks started going bankrupt. Although undoubtedly the bankruptcies have added to the momentum for growth. But most people still don't trust cryptocurrencies, and not many are willing to invest in crypto, even if banks are under attack. Many will be more comfortable holding cash at home. So I think as long as bank failure stories don't become more frequent, it won't have much impact on bitcoin price.

[justdimin]

Some Governments are only concern in our safety. It will help them track the criminals easily if the transactions are recorded everywhere. In Bitcoin, it still possible to see the wallet activity but there are ways to make it private. One is by using a Mixer. This is why Governments are after them and they are now shutting them one by one. Memorizing seed phrase might be possible than the former private keys which compose of so many random characters but this was not advisable as there as still instances that we can forget it.

It's always better to have a back up especially if our goal is to HODL our BTCs for a long time. You can make multiple copies and hide them in different places. That way authorities won't find any evidence that you hold a crypto just in case they investigate you.

I think it is important to realize that governments do not just track the criminals, they track you as well for tax reasons. For example, Americans have this risk where they are making a ton of trades at Coinbase and Kraken, which is all given to the government and then government asks them to pay taxes.

The weirdest thing in the USA is that they do not tell you how much you should pay in taxes, they let you decide how much you should, but if you pay less than what you should, they punish you for it, and still don't tell you how much you should. Weird system but in the end crypto is connected to that and you need to figure out a way to make a profit from crypto and then pay taxes for it in order to continue.

[daenarys_stormborn]

the fall of big banks such as credit suisse and sillicon valley bank, made people's trust to put their money in the bank drastically reduced, therefore many people put some of their money in the crypto world, we can see the positive market trend is still continuing, even bitcoin has passed $ 30K

[Jating]

the fall of big banks such as credit suisse and sillicon valley bank, made people's trust to put their money in the bank drastically reduced, therefore many people put some of their money in the crypto world, we can see the positive market trend is still continuing, even bitcoin has passed $ 30K

I wouldn't say that people trust in banks are 0 now, but majority of them thinks that its not better to put their money on the banking institutions. Maybe if everything goes back to normal, everything is stable and the economy is good.

So now what the wealthy people might be doing is withdraw their money from banks, look for assets that they can used as a hedge against inflation so that it will still preserved the value of their money. And I think the best assets for them is crypto as it might not be just a hedge, but their money is going to grow overtime. Next year we will be approaching bull run so we all know that we will get profits if we are going to put money on our favorite crypto now.

[Silberman]

the fall of big banks such as credit suisse and sillicon valley bank, made people's trust to put their money in the bank drastically reduced, therefore many people put some of their money in the crypto world, we can see the positive market trend is still continuing, even bitcoin has passed $ 30K

I wouldn't say that people trust in banks are 0 now, but majority of them thinks that its not better to put their money on the banking institutions. Maybe if everything goes back to normal, everything is stable and the economy is good.

So now what the wealthy people might be doing is withdraw their money from banks, look for assets that they can used as a hedge against inflation so that it will still preserved the value of their money. And I think the best assets for them is crypto as it might not be just a hedge, but their money is going to grow overtime. Next year we will be approaching bull run so we all know that we will get profits if we are going to put money on our favorite crypto now.

As years go by people are becoming skeptical of the people in power and the institutions they belong, and banks are not an exception to this, while the young people may not remember, those which are slightly older do remember the crisis of 2008 and how almost the whole economy was brought down because of the risky bets banks made at the time and how the governments had to save them by printing money and getting even more debt, and now we are facing a similar situation, with the difference governments cannot afford to pay for those mistakes again.

[Rasa nanas]

bank with bitcoin are two different things, bank is used for saving money and bitcoin for investment. it's impossible for someone who will save money and then suddenly buy bitcoin just because something happened with a certain bank, maybe that person will just look for another bank which he thinks is safer. please distinguish investing with saving money 

[JayTrain]

This is of course a wake-up call for many, because such large banks simply go bankrupt in a few days, trust in this disappears, and perhaps people are looking for an alternative in the form of decentralization, and this may be an even greater risk, but it seems to me justified if it is done in a balanced and  Right.

[shinratensei_]

has been series of good days after the banks are collapsing for bitcoin since the price are increasing but I guess there have nothing to do with the fact that bitcoin increase, those banks are recovering some of them get bailed out and bitcoin is also growing, it just the effect of economy recovering back to its original state after the pandemics, i'd say more and more people out there are shelling out their money for investments once more like before the pandemics, and it's now seems just getting better day by day.
I'd say, if not for the current world conflict that's going on today, we could have better things by now, but certainly these collapse also change quite many in regards of how they perceive these banks in general. I guess they might favour cryptocurrency investments right now.

[serjent05]

When traditional banking methods fail, people who are using those services will look for an alternative, it so happens that Bitcoin and other cryptocurrency offers alternative means of moving funds.   So yeah, the collapse of the banking system will trigger more adoption of cryptocurrencies.

As long as the government doesn't release a hostile stance towards cryptocurrency people will continue to flock into the cryptocurrency industry because they wanted their funds to be safe and obviously avoid losses from bank bankruptcy.  We all know that cryptocurrency especially Bitcoin have the feature that bank services have such as fund transfers on both local and global.  Aside from that Bitcoin offers cheaper transaction in terms of global transfer because it does not need to pay for intermediaries' services.

[Abiky]

And you can be completely sure that banks are doing everything they can so that day does not come, even right now people are depending on the banks to buy bitcoin, as the majority of them are using centralized exchanges and the money on their bank accounts to obtain cryptocurrencies, however if the majority of us could bypass them and acquire almost everything we want easily and without any inconvenience by using our bitcoin directly then the monopoly of banks over the economy will be no more.

Good luck with that. Banks aren't going anywhere, even if the economy is showing signs of death. Governments will eventually bail them out, putting banks at the top once again. Bitcoin and its variants will always remain an alternative to the current banking system no matter what. The world simply won't abandon centralized Fiat currencies for decentralized cryptocurrencies that's outside the scope of central banks and governments alike.

BTC may have risen a little in market price, but the vast majority of people worldwide still prefer Fiat for day-to-day payments. There's really nothing we can do about it. At least, it's better to have financial freedom with Bitcoin than having nothing. Who knows where crypto market prices will go decades into the future? Just my thoughts