Do you trust your bank to keep your money safe? This is a question that people don't typically ask themselves. If your answer is anything less than an unequivocal 100 percent yes with a cherry on top, maybe it is time to reconsider where you store the wealth you worked so hard to accumulate over the years.
Did you know on average, seven banks fail each year? While this isn't a huge number, it proves that you can lose your money when you have it in a bank. What about FDIC insurance? Isn't that supposed to protect you from losing money when your bank fails?
Well, yes and no. If you have less than $250,000 in the bank, your money will be paid back to you by the federal government. Anything above this limit, and you can kiss those funds goodbye. You will be hard-pressed to get those funds back after the government sells the bank's assets during bankruptcy.
The FDIC insurance, in my opinion, gives consumers a false sense of security. It's an illusion. Did you know there is $18 trillion in commercial bank deposits across all banks in the United States?
Do you REALLY think the federal government can backstop $$18 trillion? They struggled during the financial crisis of 2008 to keep banks from imploding. No one is coming to the rescue if and when the dominoes start to fall.
This process can happen quicker than you think. It all starts with consumers missing payments on their loans. As you all know, banks are a business and are in the business of making money by loaning it out with interest. When consumers stop making payments, banks lose money. It's that simple. Banks start to feel the heat when they don't have interest payments coming in. Let's see how this could unfold today.
Consumers with less than stellar credit are starting to default on auto loans in a big way, signaling there is distress in the economy among this group of borrowers. 4.8 percent of subprime borrowers are currently 60-90 days behind on their car payments. While this is in line with pre-covid numbers, banks could start to feel the burn if these numbers continue to accelerate significantly.
Sure the banks can repossess a vehicle, but what will they do with it while the federal reserve continues to raise interest rates? Who is going to finance a used car with a high-interest rate? Banks could turn into used car lots or at the very least have to store their inventory somewhere with a third party. This costs them money as well. Are you seeing the snowball yet?
If consumers aren't paying their car loans, they probably are not paying their credit cards, mortgage, or rent either. Now multiple this by millions of consumers, and you can see how the whole house of cards starts to tumble down upon itself.
The federal reserve is trapped with no good options left. It can either crash the economy with continued tightening of the money supply or hyperinflate the dollar into oblivion. The math doesn't add up.
If you keep your wealth in the bank, you are asking for trouble.
Bitcoin. It's that simple. Bitcoin eliminates the need for you to trust the bank, the federal reserve, or the federal government. With Bitcoin, your wealth is cryptographically secured, and reckless monetary policies will never debase it.
With Bitcoin, you become your own bank. This is the most important technological innovation of the 21st century. The power to change the world is in the palm of your hand. All you have to do is opt into the system and leave the old, corrupt and untrustworthy system behind.
If you are nervous about putting your entire wealth into Bitcoin, start a little at a time and build your confidence from there. It's pretty easy once you get the hang of it. Honestly, it is the best financial decision you can make for yourself and your family.
Bitcoin gives you the chance to create generational wealth. This is a once-in-a-lifetime situation here. Recognize it for what it is. You will never get an opportunity like this in your lifetime again.
The choice is yours. Choose wisely, my friend.