The Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, uncertainty and doubt (FUD) across the crypto community, leading many to return to crypto roots — reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008.
“There’s an entire generation of builders who only read about Lehman and the financial crisis and scoffed at Bitcoin. Now, their eyes are wide open. Welcome new friends,” stated Ryan Selkis, founder and CEO of Messari.
Approximately six weeks after the dramatic collapse of Lehman Brothers — the fourth-largest investment bank in the United States at the time — Satoshi Nakamoto released the now-famous white paper, paving the way for the emergence of the Bitcoin network.
Some people blame the SVB failure on the rising interest rates in the United States. The Federal Reserve increased its benchmark rate over the past year to more than 4.5% — the highest rate since 2007. In January, the inflation rate in the U.S. was 6.4%.