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“Is My Money Safe?” Searches Top Charts in the US

Press Releases Crypto News BeInCrypto “Is My Money Safe?” Searches Top Charts in the US

The 21st century has been rife with financial distress and worries that our money isn’t safe. The Great Financial Crisis of 2008, and the COVID-19 pandemic, have left Americans feeling nervous and unsure about the future. Increasingly, Americans have also felt the rising costs in most goods and services over the last year.

When people feel uncertain, their first move is to search Google for advice. Last month, the question “Is my money safe?” reached its highest levels since 2020, and before that, 2008.

Bank runs made headlines in recent months as panic set in. A reported 77% of Americans felt anxious about their financial situations at the beginning of 2023. And nearly 80% of young adults in the U.S. use social media to learn about finances. The financial world is in limbo, and people are looking to the internet for advice on how to keep their money safe.

Is this just another headline-driven frenzy, or is there more to it? Here we look at financial panic in the new millennium and the myriad factors that brought us to this point. And we consider the role of Bitcoin in potentially alleviating fears.

The Beginning of the End

Many people, including author Michael Lewis, have identified the 1980s as a turning point for Wall Street. It was then that traders began to be more aggressive and more driven by greed. And it was this mood that led traders to begin engaging in riskier bets.

Michael Lewis’s 2010 book The Big Short tells the story of how a seemingly riskless business strategy threw the U.S. economy off a cliff. In essence, major financial institutions bought assets of home loans that were bundled together. Assuming these homeowners would faithfully pay their mortgages, these assets would earn payments for decades. No one looked into who the lenders were. And no one questioned the upward trends of home pri

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Author: Virginia Valenzuela

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