More People Are Attracted To Bitcoin Due To Bank Risks – Expert
Lyn Alden, an expert in macroeconomics, recently revealed that the collapse of numerous regional banks this year has led to a growing appreciation for Bitcoin’s (BTC) distinct value. During a panel session at MicroStrategy World, Alden noted that Americans are starting to recognize the inherent risks of traditional banking, a reality that other countries have already come to grips with.
Economic Expert Praises Bitcoin Adoption
Alden highlights that the ongoing bank crisis is prompting numerous investors to recognize the unique value inherent in Bitcoin. The macro expert emphasizes specific fundamental characteristics of Bitcoin that contribute to its appeal as a reliable store of value.
The expert points to a situation where people often underestimate the risks associated with banks, an aspect not overlooked by many other parts of the world. She emphasizes the potential hazards, particularly for those surpassing certain insurance limits, stemming from individuals lending their funds to banks without thoroughly examining the assets in which these banks invest.
These assets still need to be discovered, leaving depositors with limited alternatives. Alden observed that this serves as a tangible reminder of worldwide pervasive risks. She emphasized the underlying narrative of Bitcoin, which centers around individuals having the ability to independently safeguard their assets, ensuring such assets are free from dilution and without being tied to someone else’s liabilities.
Alden expressed her belief that these issues are gaining more prominence, further bolstering the positive narrative surrounding Bitcoin.
Rising Interest In Tokens Issued On The Bitcoin Network
In anticipation of a significant mainnet upgrade enabling developers to issue tokens and introducing various other improvements, the value of Bitcoin Cash (BCH) surged by up to 6% at the time of writing. This upgrade aims to enhance the security and privacy features of the growing Bitcoin Cash network.
Developers have outlined plans for implementing “CashTokens,” which would facilitate the direct integration of decentralized applications on the Bitcoin Cash platform. Among the approved enhancements, additional improvements to Bitcoin Cash are also expected after the upgrade is complete.
These include implementing smaller transaction sizes, leading to faster transaction processing times. Furthermore, including smart contract functionality is expected to enable the development of diverse applications on the Bitcoin Cash network.
These applications could offer features such as recurring payments, derivatives trading, crowdfunding, and various other use cases that aim to enhance the experience for Bitcoin Cash users. Meanwhile, the latest development comes amidst a surge in enthusiasm for tokens issued on the Bitcoin network, particularly with the recently introduced ‘Bitcoin Request for Comment’ (BRC20) tokens.
BRC20 tokens have garnered significant interest since their launch, further fueling the intrigue surrounding tokenization within the Bitcoin ecosystem. Thanks to the implementation of these standards, developers can now create tokens and DeFi applications directly on the Bitcoin network.
As a result, there has been a notable surge in the creation of Bitcoin-based digital artwork and meme tokens in recent weeks. According to OrdSpace, a platform that monitors BRC-20 data, over 11,000 tokens issued on Bitcoin are available in the open market as of Monday.
These tokens collectively possess a market capitalization of $500 million, a decrease from the $1.5 billion recorded earlier this week.
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