Proclamation 2039 90th Anniversary is a reminder to buy Bitcoin
Today marks the 90th anniversary of Proclamation 2039. While the historic event took place nearly 75 years before Bitcoin was created, the anniversary is a reminder of why the best cryptocurrency was created and why it’s important to consider owning one.
What was Proclamation 2039?
For a week beginning March 6, 1933, banks across the United States were closed by order of President Franklin Delano Roosevelt. Roosevelt had only been sworn in less than 48 hours earlier and was already making history.
During the declared public holiday, nobody across the country could withdraw money, make a transfer or make a deposit. The move was a response to a series of bank runs in the United States that began in the Great Depression that developed after the Wall Street Panic of 1929.
Faith in the financial system was falling apart. Fearing a rapid decline in the value of paper currency, American citizens began rushing to redeem paper currency for gold. The Federal Reserve Bank of New York’s gold reserves were so depleted that they fell below legal limits, leading to Proclamation 2039.
The week-long holiday allowed government officials to prepare legislation that eventually became the Emergency Banking Act of 1933.
Bitcoin was created after the great financial crisis | BTCUSD on TradingView.com
Why is there a reminder to buy Bitcoin
“I can assure you that it is safer to keep your money in a reopened bank than under your mattress,” said President Franklin Roosevelt. Confidence in the banks was broken, and governments stepped in again.
The tone in the financial industry today is ominous, with the vast majority of analysts expecting a significant recession and another crash reminiscent of the collapse of 1929. A similar lack of faith and trust in the financial system persists.
Bitcoin was born in 2009 in the wake of the Great Recession because the government once again bailed out the banking system. The decentralized cryptocurrency cannot be shut down by the government for an impromptu vacation.
Banking is not necessary with BTC, because as long as you have your private keys, you are your own bank. The supply is managed by mathematical code and cannot be debased. All the problems that led to Proclamation 2039 would not exist on a Bitcoin standard.
While the still-young cryptocurrency isn’t close to replacing central banks or the current monetary system, it will give users access to their assets during the next big financial crisis, no matter how bad banks messed up this time.
90 years ago today, FDR shut down the US banking system to stop the widespread bank runs that occurred at the time following the Wall Street Panic of 1929, as the Great Depression worsened.
That’s why I believe #Bitcoin. No one can close my bank. pic.twitter.com/Azir5fanEp
— Tony “The Bull” (@tonythebullBTC) March 6, 2023
