When the tremor in the US banks began, many investors ran out to find a safe haven, but some went to get under the stones of crypto assets.
Or to make it clearer with the grandmother’s sayings, many left Guatemala to take refuge in Guatepeor.
When on March 9 Silicon Valley Bank announced its losses of 1.8 billion dollars and with it its impossibility to maintain its operations, a panic was unleashed in the markets that could not see at that moment if the fate of that bank and Signature Bank would be extended to the rest of the United States banking system.
We saw it in global markets, we witnessed firsthand, how the Mexican peso depreciated from levels of 17.90 to 19 pesos due to the outflow of capital that ran to safer havens, such as the traditional United States Treasury bonds.
Others rushed to the gold market, which peaked at the close of last week and is coming back.
But in that small crisis, many saw an opportunity, the opportunity to rescue something from the depressed world of so-called cryptocurrencies.
They took out the loudspeakers to call investors in a panic to take refuge in those assets and run out of the dollar, enter the Guatepeor of the digital casino that caused many to lose in previous months and others to remain trapped there. Those with their fingers in the door were the most interested in opening the emergency exit with new entrants.
The list of crypto assets available on the market is already longer than Lent, but Bitcoin is by far the flag of these instruments that are terribly popular and accessible.
Only, before being dazzled by the growth of more than 40% of Bitcoin since the SVB tragedy, you have to remember the background. You already know what Santayana said, “whoever forgets his history is doomed to repeat it.”
This “refuge” that many investors see today is the same crypto asset that went from almost $70,000 in November 2021 to $15,000 a year later. That is the contemporary reality of this type of instrument.
Because the fantastic stories of whoever bought this digital asset 10 years ago for less than $100 to become a millionaire in the middle of a pandemic are already in the realm of urban legends.
Today we will have to think more about an extended entry promotion sponsored by those who want to recover something of what they lost through pressing prices as is the case today.
Blockchain technology is an impressive advance with enormous development possibilities, both financial and social, but most of the assets that today are operated with this technology do not have the structure of a currency because they do not have a centralized issue and backed by a central bank. .
They are a bet on the red seven of roulette. Whoever understands it this way, today has the freedom to bet on that market and win or lose, like those who had positions two weeks ago and today already gained 40 percent.
But viewing those assets as a safe haven for turbulent times is like walking into the fire to save yourself from the fire.
