Ironically, on Wednesday the Fed’s real-time settlement system FedWire went offline for a number of hours. Many financial institutions (including crypto exchanges) were stopped in their tracks as the system went down – an event the technology of which Bitcoin hasn’t experienced in the last 2,907 days.
Adding to the irony is the fact that the event happened one day after Federal Reserve Board Chairman Jerome Powell announced “that 2021 was the year the Fed started focusing on a digital dollar with diligence”.
The systems were down for about four hours and are used for lots of different purposes, including payroll, tax refunds, and interbank transfers. Furthermore, the cryptocurrencies market wasn’t affected at all which a lot of veteran crypto traders pointed out that a lot of blockchain financial institutions has the same financial purpose as the traditional financial system.