Crypto enthusiast says that BTC could be the salvation for the entire industry

The price of the main crypto coin on the night of March 13 jumped by $3 887. The price of bitcoin has risen from $20,400 to over $24 287.

According to CoinGecko, at 09:50 Moscow time, BTC was worth about $22,200. And by 18.20 on March 13, the rate reached $24,287

Popular altcoins also showed growth. The price of Ethereum increased by 9.1% to $1,600. The value of BNB rose by 8.8% to $302. Cardano rose almost 10% to $0.33, while Solana rose 8.9% to $19.57.

Back on March 10, the bitcoin rate fell below $20,000, which happened against the backdrop of information about the liquidation of Silvergate Bank. At the same time, it became known about the decision of the California Department of Financial Protection and Innovation to close the Silicon Valley Bank, whose clients were many crypto projects. The regulator explained its decision by “insufficient liquidity and insolvency” of the financial institution.

However, on March 12, US authorities announced that customers of SVB and another closed bank, Signature Bank, would receive a full refund of their funds. This initiative seems to have become a prerequisite for the recovery of the digital asset market.

Economist Peter Schiff believes that it is time to get rid of bitcoin and other digital assets due to the fact that the industry is “coming soon with new bankruptcies.” The expert pointed to the collapse of Silvergate, whose clients were various crypto companies.

“If cryptocurrencies are the future, then why has the big cryptocurrency bank Silvergate already gone? The industry is facing a wave of bankruptcies of blockchain-related companies, which will turn the crypto winter into a terrifying cold for all digital assets. Hurry, sell your bitcoins and invest in gold!” the economist said.

But the son of Peter Schiff, Spencer Schiff, takes a different point of view. He noted that, indeed, cryptocurrency and blockchain projects can fail, but bitcoin is likely to be a saving straw for the entire industry.

Do you agree with this?