Elon Musk highlights the resilience of crypto

Cathie Wood recently posted a series of tweets regarding the banking crisis, where she talked about the banking crisis and its influence on the crypto world, Elon Musk intervened in the Twitter discussion and compared today’s situation to 1929.

Elon Musk and Cathie Woods comments on failed banks and the crypto world

Recently, Cathie Wood, founder and CEO of ARK Investment Management, tweeted about the crisis of traditional banks and the resilience of cryptocurrencies.

Her tweet comes at a time of complete uncertainty about the exact causes that led to a crisis for the three banks.

At the same time, Elon Musk, CEO of Tesla and SpaceX, responded to Cathie Wood, making comparisons between the current situation and the historic crisis of 1929.

Cathie Wood’s tweet highlights the current crisis and the failings of traditional banks:

“While the US banking system ground to a halt in response to bank runs that threatened regional banks, Bitcoin, Ethereum and other crypto networks wasted no time. Instability in the banking system threatened stablecoins, paths to DeFi, which stood in stark contrast to regulators’ rhetoric.”

The CEO of Ark Investment Management blames the banks themselves for the “witch hunt” carried out against cryptocurrencies. Wood also emphasizes the resilience of cryptocurrencies in this context.

Cryptocurrencies such as Bitcoin and Ethereum have emerged as an alternative to traditional banking systems. They are decentralized and their value is not tied to any central government or authority. This makes them attractive to investors seeking an alternative to traditional investments.

In another Tweet, Wood also highlights the short-sightedness of regulators who, according to the CEO:

“they should have looked at the looming crisis: the asymmetry in maturities on assets and liabilities as short-term interest rates have risen 19-fold in less than a year and deposits in the banking system have fallen year-on-year for the first time since 1920!”

Elon Musk, for his part, made a comparison between the current situation and the historic crisis of 1929. The Great Depression of 1929 was a global economic crisis that lasted from 1929 to the end of the 1930s. It was triggered by the stock market crash of 24 October 1929, which caused widespread panic and led to a sharp drop in consumption and investment.

Musk’s comment suggests he sees parallels between the current economic situation and the conditions that led to the Great Depression. These include loose monetary policy, excessive lending and speculative investment. Musk’s comment also underscores the need for caution in the current economic climate.

Cathie Wood and Elon Musk’s comments underscore the need for investors to exercise caution in the current economic climate.

The fall of such large banks has created unprecedented economic conditions, and the long-term effect of loose monetary policy and government stimulus measures remains uncertain.

Against this backdrop, investors may consider diversifying their portfolios and exploring alternative investments such as cryptocurrencies, which can offer some degree of protection against the risks associated with traditional banking systems.

Elon Musk’s tweet about AI project on Cardano

As reported in US media, SingularityNET’s token, AGIX, rose significantly by more than 15% today after a humorous post by Twitter owner Elon Musk mentioning the project’s name.

This saw the token outperform its major rivals and resulted in a market cap of $650.3 million, with the AGIX tag trending on Twitter.

Previously, Elon Musk’s tweets had a ripple effect on meme coins. But today, it is increasingly common to observe Musk’s humorous comments and comments about artificial intelligence, which consequently affect the values ​​of the respective cryptocurrencies.

With the growing popularity of artificial intelligence and its widespread adoption, SingularityNET has emerged as a major game changer in the cryptocurrency market this year.

The new AGIX cryptocurrency is up almost 1.100% since the beginning of the year. SingularityNET is a decentralized marketplace for artificial intelligence services using the Cardano and Ethereum blockchains.

The project team introduced a bridge to convert the platform’s native token between these two chains and also launched the AGIX-ADA liquidity pool. Overall, it is clear that the AI ​​narrative will remain at the forefront for a long time as the hype has only just begun.