It’s been a wild week in the world of crypto. Bitcoin started to pump like crazy, gaining around 30% in three days while the banking sector was imploding. This was a major milestone, showing that the trust-less alternative to banks that Satoshi Nakamoto envisioned was actually beginning to take shape.
Looking at the data, it’s clearer than ever that this crypto pump was mainly driven by retail users. A chart made by MitchellHODL on Twitter shows how small investors (shrimps) with holdings of 0.1 to 1 BTC were accumulating during the same time that banks were collapsing at the highest single-day pace since the FTX collapse in November. This shows that people who were affected the most by the financial uncertainty were turning to crypto as an alternative, potentially helping to drive the surge in Bitcoin’s value.
It’s amazing to see Bitcoin doing exactly what it was intended for: not as an inflation-hedge or a recession hedge, but as a bank-hedge. With banks in panic mode and Bitcoin pumping hard, this is truly a dream come true for many crypto enthusiasts.