Screenshot from CNBC App
The lack of access to/from fiat from Crypto will likely extend the Crypto Winter as the prospects to grow will be limited. However, this seems ironic considering that via Crypto, individuals could have more monetary sovereignty. The question will be how long does it take for participants to realize this. If you look at Stablecoin market caps, there is over $100 billion parked on the sidelines. This represents almost 10% of the total market capitalization of Crypto so signals where a bull run can come from.
As seen recently by additional bank funds, these Stablecoins are highly correlated to the traditional financial system which is unfortunate. Therefore, will these funds and others make their way back to Crypto? It may take a while but I think it is inevitable given the rhetoric being talked about by government and regulators. It seems that we will go back in time where restrictions of how we move our money between bank accounts can become restricted.
The sacrifice of Silvergate, while painful, could be the start of a new evolution or revolution of monetary sovereignty in the end. It may not be immediate but I no longer think there is stopping this innovation and adoption after these events; no mater where it begins geographically. I do not think we can say the same for the traditional financial system as it seems they will continue their path down being more of Utility companies with plenty of restrictions and little innovation. It will be an interesting story for generations to come!
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