Bitcoin bros brag after SVB collapse

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I read some of this article at work and found some of it funny and some plainly wrong/ out of touch.


www.yahoo.com/entertainment/bitcoin-bros-t-stop-gloating-183153059.html


Three banks have crashed and another is on life support, the U.S. banking system is on rocky ground, and fears of a recession are skyrocketing. But one group is thrilled about the current situation: the Bitcoin bros.



The collapse of Silicon Valley Bank this month, along with the smaller Signature and Silvergate banks, was followed by a rally in the price of Bitcoin after a painful year that wiped $2 trillion of value out of the crypto market.

The chest-thumping started on March 10, when a massive run on the bank caused SVB to collapse. The bank was a lifeline for many in the tech industry, including small startup founders, who started to panic about not being able to pay their employees or put dinner on the table. Major national economists warned about a contagion that could level still more banks and drag down an already struggling economy.



Some Bitcoin enthusiasts, however, chose that moment to take a victory lap.



“Banks failing. I wonder where I can put my money where I don’t need to trust anyone? Like maybe Bitcoin?” crypto entrepreneur and advocate Dan Held tweeted that day, adding a smirking emoji.

“#Bitcoin will never need a #Bailout,” tweeted Michael Saylor. He later retweeted a video clip of crypto podcaster Natalie Brunell’s Fox News appearance, where she declared that “Bitcoin worked this weekend when banks didn't,” and that the U.S. dollar is “dying by a thousand cuts.”

I found this last bit the funniest as there are 4844 banks per my Internet search and three failed. Bitcoin's value is currently less than half of its high in 2021. Does this current banking crisis inspire you to get some crypto?