Respectfully and vehemently disagree. Bitcoin does not need Signature Bank nor any other “on/off ramp”. People desiring freedom will find other ways. Adoption will appear slower and faster at different times but wider adoption of bitcoin will continue.
Discussion
I am not saying bitcoin will die because of Signature Bank. But I think anybody who thinks onramps and off-ramps are not important today to bitcoin are not thinking about it very carefully. Look, I want bitcoin to be a self-sufficient currency. It’s why I’m working on it. But we have be realistic about the fact that, for the most part, much of bitcoin’s utility is based on the fact it is highly liquid against other currencies. That’s just true.
You’re right, but I don’t think you’re going to get many zaps for saying this lol. I wouldn’t call trading utility though.
Not trading. The capacity to make payments around the world, including remittances, and then have that value be converted from and back into local currency to pay for things. Most people in the world do not live in bitcoin circular economies, if people haven’t noticed.
For his part, Barney, who helped draft the landmark Dodd-Frank Act after the 2008 financial crisis, said there was “no real objective reason” that Signature had to be seized.
“I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” Frank said. “We became the poster boy because there was no insolvency based on the fundamentals.”
https://www.cnbc.com/2023/03/13/signature-bank-third-biggest-bank-failure-in-us-history.html