FDIC Advices to Use Bitcoin, Says Avoid Dollar Storage
In a bizarre change of events, bitcoin is being propagated by the US federal deposit insurance cooperation, (FDIC) as they are telling people not to stock up with dollars.
The reason cited is that it is not the brightest idea to load dollars at home as it's not safe; they are asking consumers to choose an FDIC haired institution to bank with.
With the insurance limit of $250,000, FDIC is a government agency tasked with protecting the financial system of the country, and it's investors.
Interestingly, this development comes at a time when the board is announcing infinite cash supply and rates being slashed massively.
The global crisis looks inevitable, the Federal Reserve (FE) is taking drastic measures in these radical times by willing to buy bonds from hard-hit cooperation and convert it into liquidity, which was receding quickly as the US dollar strengthened.
Forget the mattress! Keeping large sums of cash at home is risky. The best place to protect your money is in an FDIC-insured bank where it’s safe and sound. Learn how the FDIC safeguards your #money at https://t.co/O2cb1bTUJs pic.twitter.com/R8pFVxBPrM— FDIC Gov (@FDICgov) March 24, 2020
Decisions like these build the case of bitcoin superbly and other cryptocurrencies which are built on a system which works on solving equations and cryptography.
Why is FDIC Advocating For Bitcoin?Bitcoin being most reliable, is helping the cause of FDIC, in times when the financial institutions deliberately weaken their currency to save the dying economy.
Bitcoin's self-regulatory nature, working on a system based on a group of miners, who mine coins, which can be then be withdrawn, deposited and even be sold strengthens its case.
A liquid market consists of exchanges which are distributed worldwide. Institutions like FDIC provides the required insurance to the customers by means of compensation for loss etc. In the case of cryptocurrency, reliable exchanges like Coinbase and binance serve this purpose.
Bitcoin a bank in its own self, with a private key which makes every customer a master of its own sea, giving them the prerogative to do whatever they want to do with it further helps us in realising why the FDIC might be pushing for it.
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About The Author
Zain RazaZain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.
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