Fiat onramp in trouble

Jan Klosowski ·

The article comes from the Newsletter #2. When you open account on Deltabadger, you receive it every Sunday. The other way to get it is to subscribe to our Telegram News Channel where you can also leave a comment.

All-in Podcast talks hyperinflation

In case you missed our previous newsletter, Balaji sparked a heated discussion on the potential for hyperinflation, prompting various opinions and analyses. The famous All-in podcast also weighed in on Friday, with all four cohosts agreeing with some of Balaji’s points but ultimately deeming hyperinflation highly improbable.

When the unlikely strikes

Just think about these once “unlikely” events: global lockdowns, the Russian invasion of Ukraine, or recent bank runs. The key takeaway? If everyone starts believing hyperinflation is coming, it’s likely already unfolding, and no one wants to be caught off-guard.

The best time to gear up for hyperinflation is before it becomes a hot topic. Last-minute action won’t cut it—you’ll face skyrocketing prices and scarce stores of value. Remember the previous spike in the price of gold? Many bullion dealers experienced a shortage of coins. With Bitcoin, there is no physical delivery, but there is another risk:

Fiat on-ramp in trouble

Silvergate and Signature banks, known for supporting crypto companies, recently have been shut down. As a result, Kraken stopped allowing ACH deposits.

We’ve heard about it before. Personally, I experience similar stories every month. A few days ago, I talked to a French user whose bank transfer was rejected trying to pay for the subscription. Later my attempt to sell Bitcoin via crypto-friendly fintech ZEN was denied by their third-party provider with no explanation. ZEN is helpful, but they are still waiting for the resolution with their third-party partner.

Share your experiences

We rarely talk about it with other people, so let’s share your experiences:

  1. Have you faced issues transferring funds to an exchange or buying Bitcoin elsewhere?

  2. Has your bank ever questioned your transactions or threatened to close your account?

  3. Do you find these issues are happening more frequently now?

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