Collapse in Banks Is Beneficial for Bitcoin, According to InvestAnswers.

What Happened

According to an expert who has a large following on YouTube, one of the best advertisements for Bitcoin traders is the present financial crisis in the United States.

Investors are turning to Bitcoin because of how the banking industry is currently doing.

The speaker of InvestAnswers, who prefers to remain anonymous, claimed in a recent interview on Crypto Banter that he believes people are buying Bitcoin using fiat money out of concern for the condition of the banking system.

New Players Are Coming

He claimed that because Bitcoin is decentralized, many who experienced the Great Recession of 2008, which was brought on by a banking crisis, thought it was a safer place to invest their money.

The Representer of InvestorAnswers claims that he believes what’s happening is that individuals are getting into Bitcoin. And a lot of people are coming. Yesterday, he had calls from people who confirmed they were new-time purchasers.

The host also claims that they only know about Bitcoin. According to him, despite their desire to learn more about cryptocurrencies, some people concerned about their fiat cash’s security are investing in Bitcoin, and these users have been buying Bitcoin at the moment.

The presenter also mentioned that some people have been using Bitcoin for a long time. Others, however, who have not yet been affected by the 2008–2009 financial crisis might require more time to properly comprehend the gravity of recent events.

He says those who have known about Bitcoin for some time and are familiar with it have just been subjected to the cryptocurrency’s most persuasive advertising since the global financial crisis of 2008.

As U.S. banks failed, Bitcoin had a stratospheric rise, breaking above the $26,000 barrier on March 14 after plummeting below the $19,000 mark the previous week.