Bitcoin and Other Cryptos Surge Amid Silicon Valley Bank Downfall

Coin Stories podcast host Natalie Brunell recently sat down with Fox Business to speak on how cryptocurrencies remained stable amid the collapse of some of the largest banks, including Silicon Valley Bank.

Brunell highlighted the fact that Bitcoin worked this weekend while banks didn’t. She went ahead and spoke about how Bitcoin functioned normally amid the chaos.

New people joined the network, blocks were created, and new Bitcoin were minted on a predictable schedule.

Brunell also went on to say that this is what Bitcoin was designed for. She also stressed that the current system and its problems are not just about leverage and debt but also about trust.

Coin Stories’ host also stated that people need to remember that when they give their money to the bank, the banks are making bets with their savings. Brunell also highlighted the advantages of Bitcoin, stating that with it, users have self-custody and needn’t trust anyone but themselves.

Fox Business host Charles Payne also spoke about Signature Bank’s board member Barney Frank and his recent comment stating the closure of the banks as a strong anti-crypto message. Brunell stated that she hopes lawmakers understand that Bitcoin is accretive and not destructive. She also stressed that it is a store of value.

Payne mentioned that lawmakers are afraid of losing control over fiat money, especially in a situation where cryptocurrencies are getting popular. However, Brunell noted that even if the government tries to issue CBDCs, the real solution is a decentralized alternative with a capped, finite supply that can’t be manipulated and controlled. She also pointed out that Bitcoin is such an alternative.

Source