{"id":562417,"date":"2023-03-11T18:38:52","date_gmt":"2023-03-11T15:38:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/banks-down-that-is-why-bitcoin-was-created-crypto-community-says\/"},"modified":"2023-03-11T18:38:52","modified_gmt":"2023-03-11T15:38:52","slug":"banks-down-that-is-why-bitcoin-was-created-crypto-community-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/banks-down-that-is-why-bitcoin-was-created-crypto-community-says\/","title":{"rendered":"# Banks down? That is why Bitcoin was created, crypto community says"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a261e0d670b4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a261e0d670b4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/banks-down-that-is-why-bitcoin-was-created-crypto-community-says\/#%E2%80%9D_Banks_down_That_is_why_Bitcoin_was_created_crypto_community_says_%E2%80%9C\" >&#8221; Banks down? That is why Bitcoin was created, crypto community says &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Banks_down_That_is_why_Bitcoin_was_created_crypto_community_says_%E2%80%9C\"><\/span>&#8221; Banks down? That is why Bitcoin was created, crypto community says &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvNTZlNDlkOTQtMjc5OS00ZTBmLWIxYmUtNDE2Zjg2YTFjYjJjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community, leading many to come back to crypto roots, reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It&#8217;s truly amazing how many people are scared that a couple banks went down. Someone tell these people WHY BITCOIN WAS CREATED.<\/p>\n<p>\u2014 Toby Cunningham (@sircryptotips) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/sircryptotips\/status\/1634536953939992577?ref_src=twsrc%5Etfw\">March 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>&#8220;There\u2019s an entire generation of builders who only read about Lehman and the financial crisis and scoffed at Bitcoin. Now, their eyes are wide open. Welcome new friends,&#8221; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/twobitidiot\/status\/1634537145871237120\">stated<\/a>\u00a0on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> Ryan Selkis, founder and CEO of Messari.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">in shock<\/p>\n<p>that is all<\/p>\n<p>the SPEED at which all of this is h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ening is unbelievable<\/p>\n<p>\u2014 Meltem Demirors (@Melt_Dem) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Melt_Dem\/status\/1634258826462470144?ref_src=twsrc%5Etfw\">March 10, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Approximately six weeks after the dramatic collapse of the American bank, Satoshi Nakamoto released the now famous white paper that paved the way for the emergence of the Bitcoin network. <\/p>\n<p>Some people blame the SVB failure on the rising interest rates in the United States. The Federal Reserve<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/tradingeconomics.com\/united-states\/interest-rate\"> increased<\/a> its benchmark rate over the past year to more than 4.5% &#8211; the highest rate since 2007. In January, the inflation rate in the US was 6.4%.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Add \u201cinterest rate driven bank run\u201d to the increasingly long list of \u201cthings I did not think I\u2019d see in 2023\u201d<\/p>\n<p>\u2014 Sheila Warren (@sheila_warren) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/sheila_warren\/status\/1634305953779843072?ref_src=twsrc%5Etfw\">March 10, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Many crypto and tech companies are affected by the collapse of Silicon Valley Bank. USD Coin (USDC) issuer Circle revealed it could not withdraw $3.3 billion of its $40 billion reserves from SVB, leading to a sell-off and the stablecoin&#8217;s price dropping below its $1 peg.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Less than 24 hours old and already experienced his first bank run. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/PjqGh1UAXg\">pic.twitter.com\/PjqGh1UAXg<\/a><\/p>\n<p>\u2014 Michael Bentley (@euler_mab) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/euler_mab\/status\/1634346885065371648?ref_src=twsrc%5Etfw\">March 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>SVB, a Federal Deposit Insurance Corporation-insured bank, was about to shut down operations when Circle initiated a wire transfer to remove its funds. The stablecoin ecosystem felt an immediate effect as USD Coin depegged from the U.S. dollar. USDC&#8217;s collateral influence prompted major stablecoin ecosystems to deppeg from the dollar. Dai (DAI), a stablecoin issued by MakerDAO, lost 7.4% of its value due to USDC\u2019s depegging, Cointelegraph reported.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Stablecoins<br \/>Stablecoins<br \/>Stablecoins<br \/>Stablecoins<br \/>Stablecoins<br \/>Stablecoins<br \/>Unstablecoins<\/p>\n<p>\u2014 Cope (@Timccopeland) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Timccopeland\/status\/1634477346500534272?ref_src=twsrc%5Etfw\">March 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Other popular stablecoin, such as Tether (USDT) and Binance USD (BUSD) continue to maintain a 1:1 peg with the U.S. dollar.<\/p>\n<p>SVB was shut down by the California Department of Financial Protection and Innovation for undisclosed reasons. The California watchdog appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver to protect insured deposits.\u00a0However, the FDIC only insures deposits up to $250,000 per depositor, per institution and per ownership category.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/banks-down-that-is-why-bitcoin-was-created-crypto-community-says\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Banks down? That is why Bitcoin was created, crypto community says &#8220; Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community, leading many to come back to crypto roots, reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008.\u00a0&#8230;<\/p>\n","protected":false},"author":1,"featured_media":562418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/56e49d94-2799-4e0f-b1be-416f86a1cb2c.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,75936,74355,71939,67874],"class_list":["post-562417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-circle","tag-adoption","tag-banks","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=562417"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562417\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/562418"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=562417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=562417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=562417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}