Bitcoin Believers Revel in Told-You-So Moment as Banks Crumble – Bloomberg

He drove a Budget moving van directly in front of the building’s entrance, so all could see the message plastered on the side: “BE YOUR OWN BANK,” it read, between a doctored image of Federal Reserve Chair Jerome Powell holding a “Buy Bitcoin” sign and the orange logo for the original cryptocurrency. A video of the made-for-social-media stunt, set to Pink Floyd’s “Money” as soundtrack, was tweeted by an account with the handle @cryptograffiti, with text that said “btc>svb.”

Following an epically awful 12 months for the cryptocurrency industry, Bitcoin evangelists are enjoying a moment — not to mention a huge rally in their favorite coin, which has soared more than 30% in the past seven days, putting the key level of $30,000 in sight. To them, the reverberations from the failure of Silicon Valley Bank only serve to underscore a key vulnerability in the fractional-reserve banking system that Bitcoin was meant to fix: It’s all based on faith that your money will be there when you need it.

Source: Bitcoin (BTC) Believers Revel in Told-You-So Moment as Banks Crumble – Bloomberg