As a long-time Bitcoin enthusiast, I can sympathize with all the drama that has been going on in the market lately. The recent ABC segment on Bitcoin did not help matters either. Friends and family have been quick to declare that this might be the end for Bitcoin, but I’m here to tell you that it’s far from over.
The term “bank run to the ground” has been thrown around a lot lately, and it’s true: the banks are in trouble. But this doesn’t mean that Bitcoin has to suffer. In fact, a bank run to the ground means that Bitcoin is likely to go up to the moon, which has been a great source of optimism for the Bitcoin community.
Unfortunately, the news about Bitcoin’s success won’t be reported until we breach the 69k/ath mark. Why? Because the media is too busy telling everyone that the banks are still doing just fine. There’s no room for Bitcoin propaganda, so the only news we hear about Bitcoin is when something bad happens.
I personally believe that this rally was created by Circle, the owners of USDC. They had 3 billion in Silicon Valley Bank, and they’ve been buying up a lot of different cryptos to re-peg USDC back to the dollar. That’s why I think the crypto market is pumping up so much right now, despite the troubles the banks are having.
These days, most news is just a flavor of advertiser-funded entertainment. Drama and strife generate clicks and views, and we’re the product, not the customer. The customers are the likes of Visa, Mastercard, and Western Union. We’ll only hear about Bitcoin when it’s scandalous or disastrous, because anything else would be considered free advertising.
My dad always used to say, “The only way to succeed is to keep trying.” I think this holds true for Bitcoin as well. Despite all the drama and the bad news, I’m still hopeful that Bitcoin will succeed. Keep pushing forward, and good things will come.