Spot on ! Might sound difficult for some people to trust crypto instead of their traditional banks.
Which is ironic as these banks would just raze bank accounts in a blink if they are requested to.
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It's all about confidence right now, you're right! People have confidence in the banks (even though there was an unfulfilled bank run here in the UK after 2008). People are simply uneducated about where else to store their wealth! People find the 0.01% interest so inticing!
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Haha that's hilarious I'm in the process to convince my gf to move some of her money from her bank to a CeFi and I used the exact same shitty rate of 0.01% to describe her bank savings rate.
Honestly I think it's more than that in HK but I used that anyway :D
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Good luck!
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