Creative design thanks to Canva
We haven't been able to fully recover with Silvergate and Silicon Valley Bank shutdowns, we've faced again another major crypto-friendly shutdown for a bank. We didn't expect this is happening but somehow, this gives us another idea that the government is doing everything it can to stop the influence of cryptocurrency. Just yesterday, New York-based bank Signature Trust has now closed its operations as ordered by the FED. There are a number of intriguing points that I like to share and some consider this to be a Forced one. Here's why:
Barney Frank admitted it
Signature Bank has not shown any signs of insolvency over its operations. In fact, it was total than that of Silicon Valley Bank as the risk and debts of the bank are little to none. This was mainly an attack that regulators wanted to kill Signature Bank, as speculated as the last crypto-friendly bank in the US. They have done it with Silvergate and SVB, but what they've done to Signature Bank, was a desperate move trying to kill crypto. As per frank: "There was no objective reason why Signature Bank has to be seized". He openly admitted too that he thinks that the closure is a statement from the regulators that they are anti-crypto.
This seems like what is happening right now are actions from regulators trying to execute crypto. They are trying to kill crypto as they feel it is a major danger to fiat. They know they can control and print whatever they want, but not in crypto. Bitcoin is an absolute and fixed 21 million tokens and so scarcity will drive the price above. Not just that, but the technology, security, trust, and reliability of blockchain to process and verify transactions publicly makes it more appealing to the masses.
Photo source: crainsnewyork.com
Bitcoin is Working 24/7
Unlike banks which work only on weekdays. Bitcoin network is working 24/7 to ensure that every transaction is processed and verified. The weirdest part of this issue is why Silvergate, Silicon Valley Bank, and Signature Bank? It's mainly because of its relation to crypto. They are removing these banks so access from the masses will be as narrow. Well, if there's a will there's a way. P2P selling is still an available option, I don't know much about US regulations but I believe Binance offers Bank to Binance transactions too.
No matter what issues Bitcoin and cryptocurrency are facing, the bitcoin network will always process transactions. You can still move millions in minutes (seconds for other cryptocurrencies), blocks are produced, and new bitcoins are minted to serve as a producer reward from the miners.
Are they Trying to Push their own Crypto?
Photo source: pymnts.com
Maybe these regulators are trying to push a new crypto coin that they can control, manipulate, and program in a way that benefits them. They are trying to centralize crypto and for sure, they're trying to push the reason that they want it to be centralized to be safe and away from the bad actors. But the reality is, decentralization is what people want because it gives back their power to them.
What are your thoughts? Share with us below!
