The global coronavirus crisis caused many central banks and states to take extraordinary measures. The panic generated by coronavirus caused investors to make serious sales, and nearly all leading assets and investment elements, including Bitcoin (BTC),were in decline.
Now, in a broadcast by US-based CNN, citizens have been advised not to withdraw their own money from the bank. People are taking such a step in thinking they have the freedom to withdraw it whenever they want when putting money into banks. Despite this, there have been reports of cash shortages in multiple locations within New York.
CNN, one of the leading media outlets, also recently published an article stating that the American people should in no way withdraw their money from the banks. “There is absolutely no reason to withdraw money from your bank because of the coronavirus and store it,” CNN's article said.
In addition, the FDIC, known as an institution that insures banks within the United States, issued a similar statement. FDIC officials stressed that the safest place for money to be deposited and stored is in the banks, and assured that the financial institutions in question would continue to have access to customer funds.
In Bitcoin and cryptocurrencies, even in worst-case scenarios, such a thing cannot happen. Especially those who use separate wallets from the exchanges can make cryptocurrency transfers as long as the network continues to operate at any time.