Swiss banks have seen a surge in requests from American crypto firms after the infamous bank collapse - but could this be a boon or a bane for the crypto industry?
The crumbling of Signature, Silvergate, and Silicon Valley Banks has left crypto firms scrambling for new relationships with Swiss Banks.
Why Switzerland? Their regulation welcomes the private banking sector and is, therefore, crypto-friendly. In fact, many digital currency firms and start-ups have set up shop in the 'Crypto Valley' in the region of Zug. But how could Switzerland's stable operating environment help crypto giants like Bitcoin and presale coins like Dogetti?
Bitcoin Rises From the Ashes
Satoshi Nakamoto created Bitcoin in 2009 as a direct response to the 2008 financial crisis. Nakamoto felt the need for a peer-to-peer online currency that didn't need any intermediaries or middlemen to facilitate them. Bitcoin is considered to be the first and largest cryptocurrency on the market.
Recently, the Federal Reserve hiked interest rates by another 25 points. Bitcoin's price fell by $2000 but its bullish sentiment came back almost immediately.
Investors are not worried at all about the recent bank crisis. They predict a 'bullish' run for Bitcoin. The Signature/SVB/Silvergate arc proves that customers' funds aren't entirely safe in the hands of traditional banks, and there's a need for a decentralised, peer-to-peer currency. Bitcoin rose about 30% over the past week and is now viewed as a 'safe haven' asset. BTC has been one of the most volatile cryptos on the market but things are looking up due to the stability and certainty offered by the Swiss market.
How do Newcomers like Dogetti Fare in All This?
Dogetti is the newest meme coin on the scene. Its aesthetic is inspired by classic mafia movies and is a spiritual successor to 'doge' coins like Dogecoin and Shiba Inu. DETI is not on the market yet but its presale is already making a splash in the crypto world. Its ecosystem includes an NFT marketplace and a forum for community members.
As Dogetti is still in its presale phase, it has not been affected by the current banking crisis. In fact, it's raised $7.6 million and sold about 650,000 tokens in its second presale. Investors see a presale as the best time to purchase a new coin, as tokens are sold at a significant discount with various perks and bonuses included. Presale coins are not yet affected by market volatility and promising coins offer good returns on investment when their prices go up.
The Silvergate, Signature, and Silicon Valley Bank crises have raised the reputation of cryptocurrencies, not hindered it. People are now looking into currencies like Bitcoin as alternatives to traditional banking because of their transparency and anonymity. Presale coins like Dogetti are also getting a huge boost out of this due to their low price and meme status. The move to Switzerland could provide interesting developments in the crypto world. Switzerland's position as a global crypto hub with solid regulations in place makes it an attractive place for crypto firms.
It'll be interesting to see how crypto firms operate in a more stable environment as opposed to a more contentious one.
For more information about Dogetti check out the following links