Bitcoin: The Preferred in the Face of Banking Collapse?
Naeem Aslam | Mar 14, 2023 11:03
The features of a risk-off asset have been shown by the crypto king. Over the course of the last three days, we have observed strong upward momentum as investors look for safety. Bitcoin was in serious need of rebranding itself as a secure haven and an alternative to the established international financial system.
It has come to our attention that there is a significant amount of interest in bitcoin, and it would seem that this boom will continue even if a number of prominent crypto banks have shut their doors. The beauty of bitcoin is that it is not too reliant on this, which is another of its strengths.
Because of the collapse of the SVB, it is possible that some chief financial officers would now look to bitcoin as a means of diversifying their risks. Bitcoin has once again shown its capacity to withstand any form of uncertainty, which is why this is the case.
In addition, there is a demonstrated historical record of investors favoring stable currencies over bitcoin, which indicates that this preference may soon be reversed. People are now aware that bitcoin is the most revolutionary financial innovation ever created since it is the most secure and transparent digital currency available.
Strictly speaking, the barrier of 25K is anticipated to maintain the growing momentum in check, and if this barrier is broken, then the door will be opened to the next level, which is 30K.
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