Finance Traditionalists Try To Save Face Amid Banking Collapse 

Bank of England to Create Crypto Regulation Draft
  1. Traditional finance leaders try to convince Bitcoin (BTC) holders to sell BTC.
  2. The crypto community responds by choosing to buy more Bitcoin (BTC).
  3. Another mentions that gold is a better option despite Bitcoin’s better performance.

The turbulent waters draining the traditional banking ecosystem has financial sector leaders trading hot takes. The traditional financial leaders and leaders of the crypto community are battling it out on Twitter today.

Amid the fall of major traditional banks such as Silicon Valley Bank and the sudden Bitcoin (BTC) $ 27,885.47 price surge, both sides of the financial industry are clashing swords. Leaders of both the traditional banking and the crypto sector are locked in debate. 

While the traditional finance leaders are trying to get a hold on the failing situation, crypto leaders are highlighting all the positives that come with cryptocurrencies. To highlight a few of the tweets, Peter Schiff reminds the public that gold is a better option for investments. 

In detail, Schiff draws light to how Bitcoin spiked by 20% after the Fed pivot while gold rose by 2.5%. He says this does not make Bitcoin the better investment for inflation hedge. Adding on, he says this is not a big move as both assets have simply returned to their February prices. 

He goes on to say that the key difference in gold and Bitcoin prices is that gold’s rally is sustainable. In response, the CEO of Binance, Changpeng ‘CZ’ Zhao, laughs and shares his point of view. He tells Schiff that the masses are aware of how gold is almost as good as Bitcoin. 

Meanwhile, another traditional finance fan, Jim Cramer also makes a not-so-surprising statement. He goes on to urge investors to sell their Bitcoin (BTC), as usual. In response to this, many crypto investors went on to say they will now go on to buy Bitcoin (BTC). 

One reply even said they will always continue to do the opposite of Jim Cramer’s advice. To this response, another says to do exactly the opposite as Cramer says only if one wishes to make money.

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.