Banks Are Failing Savers. Bitcoin Is The Alternative – Bitcoin Magazine

This is an opinion editorial by Julian Lineger, the co-founder and CEO of Relai, a bitcoin-only investment app.

Traditional banks are short-changing customers by failing to reflect inflationary changes in the saving account interest rates they offer. We averagethese accounts sit at 0.3% in the US — a nominal rate in the context of today’s economic landscape.

Some might remember that during lockdowns, UK households saved an extra £190 billion, but the value of these cash rainy-day funds has eroded fast due to inflation. Inflation is a “silent thief” and its influence means that savers will continue to watch their hard-earned savings deplete in value, or they can look to alternatives with a long-term store of value.

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