Bank Implosions and Crypto Explosions: Bitcoin Emerges as a Trust-less Alternative
One of the most noteworthy events in the crypto space recently has been the surge in Bitcoin's price by 30% over three days while the banking sector was facing an implosion, creating a sense of fear among investors. This has demonstrated that Bitcoin can function as Satoshi Nakamoto had originally intended, as a trust-less alternative to traditional banking.
On-chain data, particularly data that focuses on retail investors, supports this viewpoint. The chart created by MitchellHODL on Twitter using Glassnode data show that small investors, also known as "shrimps" (holding 0.1-1 BTC), were accumulating Bitcoin during the period of bank implosions at the highest daily pace since the FTX collapse in November, when the Bitcoin price was between $15,000-$17,000.
This indicates that those who were most affected by the fear surrounding the banking crisis were turning to cryptocurrencies as an alternative. While not all of these retail investors may have done so, it is reasonable to assume that a significant proportion of them did. It is gratifying to see Bitcoin functioning as intended, not just as an inflation hedge or a recession hedge, but also as a hedge against traditional banking.
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