So, a bank basically collapsed. Wells Fargo is doing some shady shit with deposits (conveniently heading into the weekend). Many unrealized losses on the books of all the big banks. The system cracking at a faster pace now.
Bitcoin is down again, yes, but 3 potential things can come of this.
First is bailouts. Honestly I was a little surprised a bailout didnt come of Silicon Valley Bank. The start-up community is REKT. No one wanted to step in and help? Crazy. But with bailouts comes the ol’ money printer that would send Bitcoin right back up again.
Secondly. No bailouts. Whoever survives, survives. Breadlines. Mass depression. Mass job loss. Hyperinflation. Probably the least likely scenario.
Third. War-footing economy. In order to save the legacy financial system, and prevent another Great Depression, America finally launches into World War 3.
Either way, lots of people lose. But Bitcoin will win.
This is a Bitcoiner’s wet dream.
Bitcoin was created as a result of the Great Recession. Now we have Bitcoin to guide us through the next Great Recession, or whatever consequences come of this.
Just thoughts from a Bitcoiner.
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