The collapse of Signature Bank, Silicon Valley Bank and Silvergate Bank was about to cause severe repercussions in the financial world. But thankfully, the Treasury, Federal Reserve, and FDIC intervened and pledged to make all depositors whole. This would-be Armageddon was averted.
Still, I received emails from all my banks and roboadvisors proclaiming that none of my funds were held in these banks. But while this is reassuring, it is a stark reminder of how we commoners never really have enough knowledge regarding bank operations and thus, claim to make informed decisions. Who would have thought Silicon Valley Bank had incurred huge losses on its bond portfolio?
We deposit our hard-earned money in banks, trusting that they will do right by us. And let’s be honest, depositing cash in our bank accounts is the most fuss-free way of managing our finances. Just park money and think about it no more. But with such questionable actions by banks, is trusting banks the most responsible way of handling your money?
I used to view Bitcoin as a speculative asset, wanting it to pump so that I can take profits to pay real-life bills. But as I got inducted into the world of the Lightning Network, I saw how it is a viable option to pay for things with sats. I have tried it out and bought a gift card with my sats with Bitrefill. My paradigm gradually shifted.
Accumulating my sats in a cold wallet was a learning curve I had to navigate but once I got the hang of it, it was the most responsible and respectful way of using my money. I had full autonomy over how and when to use it. I didn’t have to worry about banks collapsing and whatnot. If I supported the growing movement of businesses and shops accepting Bitcoin as payment, I could at least reduce my reliance on fiat.
Bitcoin isn’t just an investment tool. It’s a way of life.
originally posted on Stacker News
