InvestAnswers, a reputable anonymous cryptocurrency strategist, has reported that Bitcoin is currently experiencing an unparalleled marketing campaign. According to the anonymous host of InvestAnswers, who spoke with David Lin in a recent interview, the ongoing banking crisis has caused a surge in the adoption of Bitcoin as a safe haven.
This crisis has led to an unprecedented rise in the number of new Bitcoin wallets and a staggering 70% increase in its value over the last 90 days. The lack of confidence in traditional banks and their governments’ monetary policies has driven individuals to seek secure harbors for their assets. As a cryptocurrency designed specifically for financial crises, Bitcoin is now perceived as a safe haven, driving the surge in its adoption.
Bitcoin Remains Resilient During Financial Turmoil
InvestAnswers noted that Bitcoin was built during the last financial crisis and is designed for such crises, making it an ideal asset for current times. Bitcoin has witnessed a rise in adoption despite 97.5% of the world hating it, simply because they do not have it. However, after the recent banking crisis, many individuals are reconsidering their stance on Bitcoin and opting to invest in it.
BTC experienced significant volatility on March 22 as the US Federal Reserve hinted that it might stop interest rate hikes. Despite this, Bitcoin has rallied nearly 70% this year. The industry remains bullish about Bitcoin’s potential and is optimistic that the world’s largest cryptocurrency could reach new heights.
Bitcoin: A Solid Alternative?
One of the main reasons for the positive outlook on Bitcoin is how the asset has performed during the recent banking turmoil, which saw the collapse of Silicon Valley Bank and the failure of two crypto-friendly lenders, Silvergate Capital, and Signature Bank. Instead of crashing, Bitcoin rallied, offering an alternative to the traditional banking system.
InvestAnswers suggests that even though some individuals may not trust Bitcoin, having 2% to 5% of their cash invested in it might be a wise move. Given the current banking crisis and the debasing of currencies, Bitcoin’s future is looking increasingly bright. Bitcoin was worth $27,809 at press time.