Proclamation 2039 90-Year Anniversary Is A Reminder To Buy Bitcoin
Today marks 90 years since the 2039 Proclamation. Although the historic event took place nearly 75 years before Bitcoin was created, its anniversary is a reminder of why the leading cryptocurrency was created and why it is important to consider owning some.
What was the 2039 proclamation?
For a week beginning March 6, 1933, banks across the United States were closed by order of President Franklin Delano Roosevelt. Roosevelt had been sworn in just less than 48 hours earlier, and he was already making history.
During the declared bank holiday, no one in the entire country could withdraw money, make a transfer or make a deposit. The move was a response to a series of bank runs in the US that began in the Great Depression that developed after the Wall Street Panic of 1929.
Faith in the financial system was crumbling. Fearing a rapid decline in the value of paper money, American citizens began rushing to exchange paper money for gold. The Federal Reserve Bank of New York’s gold reserves became so depleted that they fell below legal limits, leading to the 2039 Proclamation.
The week-long bank holiday allowed government officials to prepare legislation that became the Emergency Banking Act 1933.
Bitcoin was created after the great financial crisis | BTCUSD on TradingView.com
Why is a reminder to buy Bitcoin
“I can assure you that it is safer to keep your money in a reopened bank than it is under your mattress,” said President Franklin Roosevelt. Trust in the banks was broken and governments once again intervened.
The tone of the financial industry today is ominous, with the vast majority of analysts expecting a significant recession and another collapse reminiscent of the 1929 crash. A similar lack of faith and confidence in the financial system is compounding.
Bitcoin was born in 2009 after the Great Recession as the government was once again bailing out the banking system. Decentralized cryptocurrency cannot be shut down by the government for an impromptu holiday.
Bank runs are not necessary with BTC, because as long as you keep your private keys, you are your own bank. Supply is managed by mathematical code and cannot be degraded. All of the issues that led to the 2039 Proclamation would not exist in a Bitcoin standard.
While the still-young cryptocurrency is nowhere near replacing central banks or the current monetary system, it will allow users to access their assets during the next big financial crisis, no matter how bad the banks screwed up this time.
90 years ago, FDR shut down the US banking system to stop the widespread bank runs that occurred in the aftermath of the Wall Street Panic of 1929, when the Great Depression took a turn for the worse.
That’s why I believe in #Bitcoin. No one can close my bank. pic.twitter.com/Azir5fanEp
— Tony “The Bull” (@tonythebullBTC) March 6, 2023