There is some strain between crypto and traditional financial sectors about the matter of the latest banking collapses. It has been established that the three traditional banking enterprises that faced the proverbial music were facing liquidity issues and closed on account of bank runs.
However, there is an ongoing debate between the crypto and traditional markets about the cause of these liquidation crises. The traditional banking sectors have blamed the depleting trust of cryptocurrency investors in crypto exchanges.
They believe that more cryptocurrency investors have been moving their funds out of non-custodial wallets. It resulted in these cryptocurrency enterprises calling back their reserves from the “crypto-friendly” banking enterprises.
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On the other hand, cryptocurrency investors believe that these insolvency issues were caused by the failure of traditional banking sectors and the ramifications of the multiplication effect. Bitcoin Truck Ad parked in front of SVB HQ seems to be part of this heated debate.
The Protection of Bitcoin Using Artistic Renditions
Identifying the best possible targeted audience for selling a new product is the ultimate goal of every marketer. Taking some reference from this golden rule of the market, a crypto enthusiast with the pseudonym of Cryptograffiti has confirmed parked a truck outside the headquarters of SVB in California.
This truck contains an advertisement for Bitcoin. It is needless to provide the real intention behind this hyper-focused targeted advert.
The crypto fan and artist has also posted a picture of the advert on his Twitter account. This tweet also contains honorable mentions about others who have made it possible. Everyone in the financial sector is currently jumping on any and every update regarding the now closed-down SVB.
Therefore, it is no wonder that international media outlets have pounced on this idea. The peculiar tagline of this truck ad invites the viewers to be their bank.
The state of the cryptocurrency market is going to serve as living proof behind its claims. Under the context of traditional bank failures, the narrative that cryptocurrencies were introduced as protection against the failures of traditional banks, has gained traction once again.
Therefore, the cryptocurrency market seems to be moving in a positive direction with the possibility of restarting another bullish round.
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The Bitcoin Truck ad has made it to the news in many countries around the world, including Spain. While traditional banking sectors continue to extend the blame for recent banking failures to the cryptocurrency markets, other traditional banks like Credit Suisse are also getting closer to the brink of an illiquidity crisis.
However, Credit Suisse stakeholders have decided to retain their reserves and apply for a $54 billion loan from the Swiss Central Bank to divert any existential threats.