Elon Musk Takes a Dig at those Who Call Crypto a Scam as the Two Leading Banks Collapsed
- Akansha Gupta
- March 11, 2023
- Crypto, News
- Blockchain, Crypto, Cryptocurrency, Silicon Valley bank, Silvergate bank
- 0 Comments
The world of cryptocurrency is full of uncertainties. However, this week the traditional banking industry witnessed some high-profile losses with the crash of two major banks, leading critics to question the stability of the traditional financial system. One of the major criticisms was made by Tesla CEO Elon Musk, following the crash he couldn’t hesitate a little trolling those high-profile people in the financial circle who call crypto a scam.
The Banks Crash: What Happened?
Recently, Silvergate bank and Silicon Valley bank disclosed that they will be shutting down their operations since customers have started to pull their funds and the shares of the banks are also declining rapidly. The news went viral, with many investors concerned about a new financial crisis. While the bank promised customers that their money is safe, the collapse sent a stark reminder of the potential risks involved with centralized financial institutions.
How does Elon Musk take a Dig on the Collapse?
In a tweet that quickly went viral, Musk shared a pic that features a man sweating in fear having to choose between pressing one button or two. One button captioned “crypto is a scam, keep money in banks.” Whereas another button captioned “banks are a scam, keep money in crypto.”
The collapse of two major banks is undoubtedly a cause for fear, but it also opened up possibilities to reevaluate the stability and reliability of the traditional financial system. Many supporters of cryptocurrency claimed that it facilitates greater transparency, security, and accessibility than centralized banking institutions.
Of course, the world of crypto involves risks and hurdles. Regulatory supervision, market volatility, and technological limitations all lead to potential barriers to boundless adoption. However, with the entry of more and more high-profile investors and companies, exploring cryptocurrency, it’s clear that the tide is turning.