Silvergate, SBV collapse ‘definitely good’ for Bitcoin, Trezor exec says
While Signature’s Barney Frank referred to the recent events with SVB as an “anti-crypto message,” Trezor’s Josef Tetek says they are “definitely good” for Bitcoin. The ongoing crisis of banks in the United States has many positive implications for Bitcoin (BTC), according to an executive at the hardware wallet firm Trezor. On March 14, Bitcoin broke $26,000, a price level not seen since June 2022, posting the biggest gains this year so far. The multi-month high followed a series of shocking events in the U.S. banking industry, with banks like Silicon Valley Bank (SVB), Silvergate and Signature shutting down operations. According to Trezor’s Bitcoin analyst Josef Tetek, the current sharp rise of Bitcoin price — which is the fastest rise in price so far in 2023 — appears to be a direct result of the “apparent fragility of the banking system.” Tetek said that the current banking crisis could potentially make Bitcoin emerge as a safe-haven and risk-off asset. He emphasized that Bitcoin ...