“Bitcoin’s creation was, in part, a response to the failures of the traditional financial system. It aimed to provide an alternative means of conducting financial transactions, one immune to the arbitrary decisions of central authorities and insulated from the systemic risks that had caused the crisis.”
An interesting read that shows how systemic failures in the banking system may have foreshadowed the rise of Bitcoin and DeFi.
I think it’s worth noting that while much criticism has been heaped on the crypto industry (FTX fraud, smart contract hacks, scams, etc.), the banking system and TradFi has a lot to answer for as well (various market manipulations, Lehman Bros, Bernie Madoff, etc.).