Quote from: uneng on April 11, 2023, 05:45:27 PM

Quote from: FireDAO CY on March 16, 2023, 01:34:52 AM

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.

Quote from: FireDAO CY on March 16, 2023, 01:34:52 AM

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.