Did Satoshi Nakamoto predict the current banking crisis? His Bitcoin statement might suggest that
Satoshi Nakamoto described the state of banks and fiat money system back in 2008, and opposed Bitcoin to them
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Twitter user @anilsaidso has shared a screenshot of a statement from the mysterious Bitcoin creator known as Satoshi Nakamoto. It is about the main problem with banks and conventional currencies.
Satoshi’s statement on fiat and banks
This was a quote from Satoshi’s forum message that he posted on February 11, 2009. It explains the goal of creating Bitcoin and why using banks requires too much trust with no guaranteed positive outcome. Among other things, banks require people to remain confident that their currency will not depreciate.
Satoshi (a person or a group of people, as some researchers believe) specifically stated that there are many examples in the history of fiat money when central banks, issuing fiat, betrayed people’s trust. They demand that people trust them to hold their money and transfer it electronically, but then “lend it out in waves of credit bubbles with barely a fraction in reserve.”
He added that “we have to trust our privacy, trust that they won’t let identity thieves tap our accounts.” Another problem with banks is that they charge such high fees that micropayments are impossible to make.
The US housing crisis in 2008 was followed by the Cypriot banking crisis in 2013. At that time, a large portion of uninsured deposits in two major Cypriot banks were confiscated as part of a $10 billion bailout. local banking system of the EU and the IMF. This breach of banks’ trust was the event that helped Bitcoin’s price rise high enough for the first time to make it mainstream.
Satoshi hints at further banking crises in the world
Many economists compare the current situation with failing banks and rising Bitcoin back in 2013. Now that three major US banks – Silvergate, Silicon Valley Bank and Signature Bank – have become insolvent, Bitcoin, in the wake of this news and several other factors, has managed to regaining the highest $28,000, adding almost 40% in March of this year.
Thus, the forum message Satoshi posted in 2011 clearly suggests that he did not believe in banks. He may not have foreseen the current problem with American banks, but he certainly may have assumed that banking crises would occur periodically with the flawed banking system.
Max Keizer on current American bank bankruptcies
Max Keizer believes that these banks are being taken down (with the government protecting their deposits) to allow the Federal Reserve to issue its CBDC (the so-called “FedCoin”). Keizer also reminds the Twitter audience that the CBDC will allow the government to gain full control over how and where you spend money.
Also, the CBDC will have an expiration date so that people cannot store these coins. Apparently, Keizer is suggesting the superiority of Bitcoin against CBCDs here.
