{"id":172392,"date":"2023-03-14T15:26:04","date_gmt":"2023-03-14T15:26:04","guid":{"rendered":"https:\/\/precoinnews.com\/?p=172392"},"modified":"2023-03-14T15:26:04","modified_gmt":"2023-03-14T15:26:04","slug":"silvergate-sbv-collapse-definitely-good-for-bitcoin-trezor-exec-says","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/silvergate-sbv-collapse-definitely-good-for-bitcoin-trezor-exec-says\/","title":{"rendered":"Silvergate, SBV collapse \u2018definitely good\u2019 for Bitcoin, Trezor exec says"},"content":{"rendered":"

The ongoing crisis of banks in the United States has many positive implications for Bitcoin (BTC), according to an executive at the hardware wallet firm Trezor.<\/p>\n

On March 14, Bitcoin broke $26,000, a price level not seen since June 2022, posting the biggest gains this year so far. The multi-month high followed a series of shocking events in the U.S. banking industry, with banks like Silicon Valley Bank (SVB), Silvergate and Signature shutting down operations. <\/p>\n

According to Trezor\u2019s Bitcoin analyst Josef Tetek, the current sharp rise of Bitcoin price \u2014 which is the fastest rise in price so far in 2023 \u2014 appears to be a direct result of the \u201capparent fragility of the banking system.\u201d<\/p>\n

Tetek said that the current banking crisis could potentially make Bitcoin emerge as a safe-haven and risk-off asset. He emphasized that Bitcoin was created soon after the world encountered the financial crisis of 2008 and was \u201clikely a response to the unfairness of bailouts.\u201d<\/p>\n

\u201cThe current events are a timely reminder of why we need Bitcoin,\u201d Tetek said, adding that the current events are not so good for many crypto businesses and assets that are centralized, referring to Circle\u2019s USD Coin (USDC). The analyst stated:<\/p>\n

\u201cThe current demise of certain banks is definitely good for Bitcoin as such, but not a good environment for custodians of any kind, and once again we reiterate that one the safest environments is to self-custody assets.\u201d<\/p><\/blockquote>\n

According to Tetek, the recent events with Silvergate and SVB clearly show that counterparty risk in the banking system is a \u201cserious problem,\u201d though it is sometimes well hidden. He added:<\/p>\n

\u201cBanks no longer actually hold our money, but lend it out and buy volatile assets with it. Depositors are, in fact, the banks’ creditors. Understandably, people are looking for alternatives such as Bitcoin.”<\/p><\/blockquote>\n

Tetek also suggested that Silvergate\u2019s collapse was a \u201cdirect result of its business relationship\u201d with the bankrupt crypto exchange FTX, while SVB\u2019s collapse was a result of \u201cpoor risk management.\u201d He went on to say that SVB had a large exposure to long-term treasuries, which tanked in price as a result of the abrupt interest rate hikes, while the bank failed to have hedges in place. \u201cSVB had little connection to the crypto industry,\u201d Tetek added.<\/p>\n

Related: <\/em><\/strong>SVB crisis: Here are the crypto firms denying exposure to troubled US banks<\/em><\/strong><\/p>\n

Tetek\u2019s remarks come amid Barney Frank, Signature Bank board member and former U.S. Congressman Barney Frank, arguing that the latest U.S. banking events are connected to crypto. <\/p>\n

\u201cI think part of what happened was that regulators wanted to send a very strong anti-crypto message,\u201d Frank stated, claiming that issues at Signature were \u201cpurely contagion from SVB.\u201d<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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