Many people in my country still don't believe in Cryptocurrency and would rather save or invest with local banks but the recent sad event would serve as an eye opener to them. One of the top leading banks in my country (GTB) got there server invaded by hackers, some period before it happened they where advising customers to buy their shares and many customers did, I feel so sorry for those who bought shares with them cause their money is probably gone.
Whereas investors could only lose totally on Cryptocurrency when they fail to invest on Bitcoin or other good Cryptocurrencies and instead invest on shit coins, or they save their assets on a custodial wallet instead of a non-custodial one, else Cryptocurrency especially Bitcoin is one of the best and safest investment any investor could think of.
I wonder why anyone would even think of buying shares with a local bank or saving huge part of their money with them, when they could save for a long-term with Bitcoin and make huge returns later, Bitcoin blockchain makes it very secured and the only ways an investor is at risk is saving their asset with a wallet that could easily be penetrated by hackers or fail to safeguard their private keys.
What I can say about this argument is that investing in cryptocurrency with traditional bank accounts hinders strong considerations. Initially, Cryptocurrencies can have tremendous potential for high returns because they are distributed in nature. We all know that their advanced blockchain technology ensures security against hacking. However, the security of cryptocurrency depends largely on how one handles the wallet and personal keys. And what i can say on the other end is traditional banks are often vulnerable to cyberattacks despite robust security measures. Events like what happen before, have shown that this can be a problem in protecting bank accounts and investments. They typically offer relief based on banking policies, but also carry their own risks such as bankruptcy and other business problems. What all I said is public knowledge, and knew some people too that are still skeptical due to the novelty and headaches involved in using cryptocurrency safely. That is why the conventional savings account is still the most popular for investing and saving. Moreover, insurance is often put in place which would cover depositors and repay them in case banks break down and property is destroyed since this would ensure that personal funds are protected or at least restored. In the event that a bank's servers go down like what I mention above, the immediate financial impact may not be directly relevant to the working capital, as it appears as an asset of the bank working capital rather than any capital. But in the end, serious breaches may cause significant financial disruption or depreciation in the value of investments that may hit shareholders hard.