As banks crumble, crypto believers revel in 'told-you-so' moment

Following an epically awful 12 months for the cryptocurrency industry, Bitcoin evangelists are enjoying a moment not to mention a huge rally in their favorite coin, which has soared more than 30% in the past seven days, putting the key level of $30,000 in sight.

Highlights

• Bitcoin evangelists are enjoying a huge rally in their favorite coin, which has soared more than 30% in the past seven days.
• Many in the market believe crypto is rallying not because of fear triggered by the crisis itself, but rather the aggressive response from the government and Federal Reserve that has seen hundreds of billions of dollars added to, or pledged to, the banking system and dramatically shifted the outlook for interest rates.
• The FUD short for fear, uncertainty and doubt that had long been targeted at crypto by traditional finance is running in the opposite direction now.
• Yet the resurfacing of Bitcoin’s origin story has given true believers a “told ya so” moment, but it’s not necessarily what drove the coin’s price up.

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