Bitcoin believers revel in told-you-so moment, big rally as banks crumble

To Rob Arnott, a pioneer of quantitative investing and founder of Research Affiliates, bitcoin remains useless in what he calls the three main purposes of money: as a medium of exchange, a measure of value, and a store of value over time. — Reuters

As members of the media lingered near the entrance of the headquarters of Silicon Valley Bank this week, a bitcoin true believer seized on an opportunity.

He drove a Budget moving van directly in front of the building’s entrance, so all could see the message plastered on the side: "BE YOUR OWN BANK,” it read, between a doctored image of Federal Reserve Chair Jerome Powell holding a "Buy Bitcoin” sign and the orange logo for the original cryptocurrency. A video of the made-for-social-media stunt, set to Pink Floyd’s Money as soundtrack, was tweeted by an account with the handle @cryptograffiti, with text that said "btc>svb.”