Bank Crashes Open the Atmosphere of Mass Adoption of Crypto: Expect Such SOON

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Last month we saw and experienced the crashing out of many banks from the system of financial interplay and processes; it happened over and over again, and it was already clear what the future was pointing at. Notable banks with strong recognition faced the crash and scandal that followed with it.

This also happened in Nigeria, where an indices and statistical analysis of banks that failed from 1994 to 2006 were recorded to be 45 in number. Since then, there has been a change in the financial interplay as pertaining to savings, as many instead of saving in the bank opt in to having a crypto wallet instead of just converting their naira to dollars and leaving it there since its percentage of fall is very infinitesimal.

Outside of this too, some have opted to have their money saved in wallets that are trusted and have very strong security but easy access to the owner, while others have turned their money into a work spree for them as they engaged in investments that provide them with daily, weekly, or monthly income.

The Gap this Opened to Crypto mass Adoption

The aftermath of these bank crashes does not only leave bad impressions about trust and savings in banks but also causes emotional damage to investors in those banks. Though to some extent I tried reading through the reasons why the crashes occurred and somewhat also people's comments, it was shown that some predicted the fall and crash of some of the banks with their reasons maybe based on their pre-information, belief, or probably analysis; they had this but not all may have had it, which is why they fell victim.

Now that this has happened and the damage has already been done, whats the way forward?

Cryptocurrency has been around for ages, though there have been speculations of its fall anytime, but as things stand, it has seen banks crash before it and is still standing strong and much better than ever before.

The crashes of these banks have now left a void to be filled by investors and doubters of cryptocurrency. This is true to the later in the sense that most of the channels of transactions relating to crypto are through blockchains that are decentralised and this is at a tail end providing the breakthrough and belief through which people will believe and take back their vomits as far is cryptocurrency is concerned.

The channels and procedures followed by bank users for withdrawal being rigorous to an extent, adding to the point that the charges and length of time it takes for withdrawal to be processed most especially when the amount to be withdrawn is big, is a blow to banks as this isn't seen on crypto, and also affirming the belief in and mass adoption of crypto.

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