A Bitcoin ad van recently appeared outside Silicon Valley Bank (SVB) headquarters, wowing the community and giving minimalists and cryptocurrency enthusiasts a moment of “the time has finally come.” It is worth mentioning that the ad photo is grafted from a male model with the face of Federal Reserve Chairman Jerome Powell holding a note that reads “Buy Bitcoin”.
Bitcoin’s 30% surge in a short period of time after the SVB crash reinforced fans’ logic that it’s an “alternative investment” for hedging in a time when the banking crisis doesn’t subside and bank stock prices fall sharply.
Bitcoin ad trucks cause ruckus at SVB Bank headquarters as crypto proponents stress its appeal amid banking crisis #fed https://t.co/yQYPQBPI2T
— Kyptos (@azcoinnews) March 18, 2023
Bitcoin is a decentralized digital currency that can be sent from one user to another on a peer-to-peer network without an intermediary. It does not rely on trust and is immune to central bank and government failures. Anyone can pay with bitcoin anytime, anywhere, making it a popular choice among cryptocurrency enthusiasts.
According to Ryan Watkins, co-founder of Synchrash Capital, the crypto market is going through a “back to basics” moment. Bitcoin is currently the main alternative to money, and the Ordinals protocol is reemphasizing the block size issue. Ethereum, on the other hand, is expected to perform better ahead of the Shanghai upgrade.
Bitcoin is based on PoW consensus. At the same time, PoS coins like ETH are always at risk of becoming securities. SEC Chairman Gary Gensler recently argued that PoS coins are securities. As an alternative investment, Bitcoin need not worry about this.
While some skeptics argue that Bitcoin is still useless, with no functions of exchange, measure of value or store of value, they concede that crypto enthusiasts are better off than central bankers. . Rob Arnault, founder of Research Affiliate, said:
“I’m a bitcoin skeptic. But I think crypto enthusiasts are still better off than central bankers because they’re unlikely to come up with any alternatives. Bitcoin minimalists dream of a very passionate goal.”
A crypto activist drove a bitcoin ad van to SVB headquarters for an interview:
“Right now, a collapsing financial system is the most effective way to market Bitcoin. The Fed is the best advertiser.”
This shows that Bitcoin extremists believe that the traditional financial system is collapsing and that Bitcoin offers an alternative.
Volatile financial markets make most retail or institutional investors hesitant to enter the cryptocurrency market. However, the changing liquidity environment favors risk assets, especially Bitcoin. Analyst Noel Acheson commented:
“What’s driving the price of bitcoin right now is the change in the liquidity environment. It’s a good environment for risk assets, especially bitcoin.”
In short, the ad van outside SVB Bank’s headquarters brought about the long-awaited moment for Bitcoin maximalists and crypto enthusiasts alike. The surge in bitcoin prices following the SVB crash has reinforced the logic of bitcoin proponents that it is an “alternative investment” that can hedge against banking crises. While skeptics say bitcoin is still useless, they admit crypto enthusiasts are better off than central bankers. The cryptocurrency market is going through a “back to basics” moment, and Bitcoin is leading the narrative that it will be an alternative to money.
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according to Kyptos