Here’s what John Lennon’s son thinks about Bitcoin
Many are now looking to crypto, especially bitcoin, as an alternative to protect investors’ money in times of uncertainty in the traditional banking system. The recent banking crisis in the US has made investors aware of the flaws in the current banking system. As such, the narrative of crypto is shifting from unreliability to a viable alternative.
This belief came to play in a recent Twitter post by Stacey Herbert, where the Bitcoiner shared two photos of two presidents (old and young) to represent the USD and Bitcoin. While responding to the post, John Lennon’s son, Sean Lennon, stated, “only Bitcoin can save us now.”
Sean Lennon sees BTC as the savior in the current crisis
At Herbert’s mail, the older man representing the USD was US President Biden, while the younger man representing Bitcoin was El Salvador’s President Bukele. The pictures show an old and a new system.
Stacy Herbert further referred to the USD as the “poor old dollar.” In response to Herbert’s tweet, Lennon stated that Bitcoin is now everyone’s salvation, meaning it is now a viable option in the face of an aging dollar.
Sean Lennon is the son of Beatles legend John Lennon. He has always been a crypto enthusiast and supports bitcoin. In a 26 April 2022 mailstated Sean that bitcoin will either win big now or do it later.
The American singer has always been optimistic that Bitcoin will reach higher levels, which informed his attitude to call it the savior.
Bitcoin price trend amid traditional financial crisis
BTC price trends since the banking crisis have been impressive. The Silvergate crisis hit the crypto market badly, pushing asset prices down. The announcement appeared on March 8 and caused a drop in BTC prices from $22,216 to $21,718.
The following day, the BTC price fell further by $1,357, pushing the coin to $20,363. It fluctuated within this price range until March 10, when it recorded an intraday low of $19,628 before starting another price swing. The fall on March 10 may be associated with the Silicon Valley bank crash.
But on March 12, Bitcoin rose to $22,163.95. This change may be related to Federal Reserve announcement to support closed bank depositors’ funds. Although Signature Bank failed on the same date, it did not push the BTC price down.
From March 12, BTC price started an upward trend, reaching $26,514 on March 14, $27,787 on March 17, and $28,038 on March 19. It has continued to trade between $25,000 and $28,000 since March 16 till date.
This holding above $25,000 may be related to the change in the feeling that crypto can be a way out when the traditional banking systems fail. The fear and greed indicator shows that the level has been on the greedy side since last week. Today’s figure shows that it has grown to 68, which is an increase from yesterday’s value.
Featured image from Pixabay and chart from Tradingview.com
