Many people now see crypto, especially bitcoin, as an option to protect investors’ money during times of uncertainties in the traditional banking system. The recent banking crisis in the United States has made investors aware of the flaws in the current banking system. As such, the narrative about crypto is shifting from unreliability to a viable alternative.
This belief came to play in a recent Twitter post by Stacey Herbert, where the Bitcoiner shared two pictures of two presidents (old and young) to represent USD and Bitcoin. While responding to the post, John Lennon’s son, Sean Lennon, stated, “only Bitcoin can save us now.”
Sean Lennon Sees BTC As The Savior in Current Crisis
In Herbert’s post, the older man representing USD was US President Biden, while the younger man representing Bitcoin was El Salvador’s president Bukele. The images depict an old and new system.
Stacy Herbert further referred to USD as the “poor old dollar.” In response to Herbert’s tweet, Lennon stated that Bitcoin is now the savior for everyone, meaning that it is now a viable option in the face of the aging dollars.
Sean Lennon is the son of the Beatles’ Legend John Lennon. He has always been a crypto enthusiast and supports bitcoin. In an April 26, 2022 post, Sean stated that bitcoin will either win big now or do so later.
The American singer has always been optimistic that Bitcoin will reach higher levels, which informed his stance to call it the savior.
Bitcoin Price Trend Amid Traditional Finance Crisis
BTC price trends since the banking crisis have been impressive. The Silvergate crisis hit the crypto market badly, pushing asset prices down. The announcement emerged on March 8, causing a dip in BTC prices from $22,216 to $21,718.
The next day, the BTC price fell further by $1,357, pushing the coin to $20,363. It fluctuated within that price range till March 10, when it recorded an intraday low of $19,628 before starting another price fluctuation. The dip on March 10 could be associated with the crash of Silicon Valley bank.
But, on March 12, Bitcoin surged to $22,163.95. This change could be linked to the Federal Reserve’s announcement to support shuttered bank depositors’ funds. Even though Signature Bank failed on the same date, it didn’t push the BTC price down.
From March 12, BTC price started an uptrend, hitting $26,514 on March 14, $27,787 on March 17, and $28,038 on March 19. It has continued to trade between $25,000 and $28,000 since March 16 till date.
This hold above $25,000 could be linked to the shift in sentiment that crypto might be a way out when the traditional banking systems fail. The fear and greed indicator shows the level has been on the greed side since last week. Today’s figure shows it has grown to 68, adding slightly from yesterday’s value.
Featured image from Pixabay and chart from Tradingview.com