The recent collapse of three high-profile banks - Silicon Valley Bank, Silvergate Bank and Signature Bank - has caused worrying outflows at hundreds of regional banks. Now, with the U.S. Federal Reserve creating a new backstop facility reportedly worth $2 trillion, the echoes of crises in 2008 and 2013 are loud.
Many financial advisors cite lack of intrinsic value as a case against bitcoin. But demand and global adoption, evidenced by bitcoin's steadily increasing price, are what they should be paying attention to.
The disconnect between financial advisors and their clients around crypto has become increasingly apparent, given that 37% of advisors personally invested in crypto compared to up to 83% of their clients that may have, according to one 2023 survey.
Financial professionals stand to benefit greatly from blocking off just one hour per week to learn about a digital asset, such as one of 500 included in CoinDesk's Digital Asset Classification Standard.
The SEC’s recent actions shut down centralization staking services, but not individual staking and decentralized staking services. That could increase decentralization and help restore crypto’s original mission.