This event underscores the severe risks inherent in centralized, state-backed financial systems, where bank solvency relies heavily on government oversight and financial stability.
Is This What Bitcoin Was Designed to Solve?
The failure of Ayandeh Bank—a significant institution with millions of clients—is often cited by proponents of cryptocurrency as a textbook example of the kind of systemic risk that Bitcoin (BTC) and decentralized finance (DeFi) were created to address.
Bitcoin's core design principles directly counter the vulnerabilities exposed by bank failures like this:
Trustless System: Traditional banking requires users to trust the bank, the regulators, and the government to manage funds responsibly and prevent insolvency. Bitcoin, however, operates on a decentralized public ledger (blockchain), removing the need for trust in any single central authority.
No Bailouts or Absorption: In a centralized system, when a bank fails, the state (or another bank) steps in to absorb the losses, often diluting value or imposing conditions on customer funds. Bitcoin has a finite supply and no central entity that can fail or be bailed out. Funds are protected by cryptographic security, not by a bank’s balance sheet.
Censorship Resistance: The collapse of a bank, especially in a state-controlled environment, can lead to the seizure, freezing, or restructuring of customer funds. Bitcoin transactions are permissionless and censorship-resistant, meaning a government or bank cannot unilaterally block access to funds.
Proof of Reserves (Transparency): Unlike opaque traditional banks, which can accumulate hidden debts, the integrity and supply of Bitcoin are fully transparent and verifiable by anyone at any time on the blockchain.
While Bitcoin has its own volatility challenges, its fundamental mechanism offers a clear alternative to a centralized system where mismanagement and excessive debt—culminating in an $8 billion collapse—can suddenly compromise the savings of tens of millions of people.
Jacques MVUMBI
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