Governments are slow and inefficient. I detest the idea of CBDC’s as much as anyone, but I can’t see CBDC’s being introduced as a result of these near term bank failures because governments are inept at the best of times. I’m not saying we’re there with a bitcoin system either, I’m saying bitcoin could become one of the only viable exists from the banking system in the short term as a store of value
Discussion
I agree, only if enough capital flows into the space. Right, now capital is exiting from the space because there is so much uncertainty around whether or not at a future point time there will be more or less friction... Need the banking system for the fiat on ramps.
People aren’t going to give a fuck about “the space” when it’s a case of either preserving their wealth or losing it
Yes I tend to agree with you. CBDCs come in economic meltdown, not a bank run.
But restricting cash withdrawals in the short term will scare people, that’s just extra volatility in an already highly volatile environment.
If they don’t have the reserves to meet withdrawals what choice do they have?
Yes agreed, I think that will happen too as it’s the only lever the government has to try and stabilise the situation, but there will be a situation to stabilise before they do that… so it’s going to be a clusterfuck of “good for bitcoin” 🤣
SVB has been contained - it's a crypto and VC bank.. Fed wants job losses. Let the job loses commence.