The world of cryptocurrency has been gaining traction in recent years, and with good reason. Cryptocurrency offers a secure, decentralized, and anonymous way to store and transfer value, and it has become increasingly popular as a result.
However, one of the most interesting aspects of cryptocurrency is that it has been adopted by many people who have been burned by traditional banking systems. In fact, I have not met anyone who turned to crypto thanks to bank fiascos, but I have heard many stories of people who have done so.
For example, one of my friends was a victim of a bank fraud. He had been using a particular bank for years, and one day he noticed that a large sum of money had been taken from his account without his knowledge. He was understandably upset, and he decided to take his money out of the bank and put it into cryptocurrency.
My friend is not alone in his decision to turn to cryptocurrency after a bank fiasco. In fact, many people have done the same, and it is easy to understand why. Cryptocurrency offers a secure, decentralized, and anonymous way to store and transfer value, and it is much more difficult for criminals to access than traditional banking systems.
In addition, cryptocurrency is not subject to the same regulations and restrictions as traditional banking systems, which makes it easier for people to access their funds without having to worry about government interference. This is especially important for people who have been burned by traditional banking systems, as they can be sure that their funds are safe and secure.
Overall, it is clear that cryptocurrency has been adopted by many people who have been burned by traditional banking systems. While I have not met anyone who turned to crypto thanks to bank fiascos, I have heard many stories of people who have done so, and it is easy to understand why. Cryptocurrency offers a secure, decentralized, and anonymous way to store and transfer value, and it is much more difficult for criminals to access than traditional banking systems.
25 thoughts on “Have You Met Anyone Who Turned to Crypto Because of Bank Fiascoes?”
I dont think a lot of people in my circle have even heard about the recent bank fiascos lol
I think it may make some people more aware of crypto but honestly, the vast majority of people won’t care. Traditional banking is the norm and until there is a shift away from that, it will continue to be the norm.
I bet a good amount of people don’t even care. Most won’t be over the 250k amount so this isn’t a worry to them, especially if banks are going to get bailed out anyways.
It’s surprising how many people I’ve met that think if the government pays for it that it’s free.
I have more money in BTC/ETH than in my bank account. This means I have turned into crypto I think.
I’ve spoken to some Ukrainians that use/used crypto due to the war. Does that count?:)
All the panicked people I know put their money under the mattress.
Must be good times for mattress stonks!
Most people I know don’t keep up to date on micro or macro economics of our state/country or world. And they usually get annoyed if I talk about it. And get even more annoyed when I mention Bitcoin. I’m alone in my real life crypto journey. At least I have Reddit where a lot of you understand me and help educate and entertain me. Thanks everyone!
Nah, all people I know are living paycheck to paycheck, of course they don’t care about banks
People still think crypto as a scam. Last time I had chat with my friend about crypto and he thinks crypto as a fake and scam.
I met myself on that question lol! After the banking crisis in Greece I turned to crypto when I had stable income 😉
$100 billion was withdrawn from banks this past week in the US. Change is coming
The banking situation isn’t a crisis *yet*. When it becomes one, then we’ll hopefully see more crypto adoption. Banks going down is not on 90% of peoples radar right now.
Changes like this won’t happen overnight, it’s a huge system, it will take time but we will get there.
I have, but they’re mostly drug dealers so I don’t think they count
Well crypto is a terrible place to leave your money. Bitcoin on the other hand is great.
Honestly, most people I know IRL are completely unaware of what’s been going down lately, they only know of the buzz words that tv news media shoves in their face, war + inflation are making prices rise, that’s it
Have been in crypto since nearly the beginning. A lot of people were in because of 2008 and in their 30s and 40s
The only reason is the media and some governments. Crypto is the easiest scapegoat to use, they just default to that and 95% of the masses just trust what the media says. I would too, if all the reporters I was watching was telling me crypto was the problem. We need to balance this somehow, get some proper crypto coverage in the press.
Just last week got friend asking me for how to buy crypto since banks are crashing. He managed to buy some BTC couple of days ago, pity that it could have a week earlier and would have made some buck right away. But great nonetheless.
Edit: Still need to teach them selfcustody since now they have it on some CEX, but the journey has begun.
I did that one year ago. I don’t trust banks at all
Why can’t I see up or downvotes in this post?
No, I haven’t met or spoken with anyone irl who’s said “yeah banks aren’t it man, I’m in crypto now for stability’s sake”. It’s a delusion that’s echoed here for moon pandering.
Maybe not, but the recent bank failures have sparked a lot of BTC and crypto conversations that can lead to further investment in BTC.
Lmfao crypto is a worse alternative
Eh…I’ve always thought the pump narrative of “banks suck so people are buying crypto” was a bit of a stretch.
I have no input on what else would cause it…retail traders don’t have enough money to worry about not being covered by FDIC.