According to Federal Reserve data, this month has seen the biggest run on the banks since Y2K, which was 20 years ago. In fact, this bank run is much bigger than Y2K.
Cash in circulation has increased from $1.809 trillion to $1.843 trillion for the week of March 11 through March 18, a jump of $35 billion. This represents people pulling cash out of their bank accounts en masse.
When Y2K happened 20 years ago it was feared that all computers in the world would crash, which would have crippled the financial system. This caused cash in circulation to increase by $22 billion during one week in December 1999, and $55 billion overall, as people frantically emptied their bank accounts.
The current bank run is even more aggressive than the Y2K bank run. There are two reasons for this. First off, people want to have cash on hand in case quarantines get so strict that they cannot go to the bank. Secondly, there is major stress on the financial system, due to this bank run and other factors, and perhaps people are fearing that some banks will go bankrupt.
Further, the Federal Reserve has reduced bank reserve requirements to 0%, meaning banks do not have to keep any funds in reserve. This creates a dangerous situation for savers, especially if there is a bank run.
Zooming out, this bank run is a definitive sign that many people do not feel that keeping their money in banks is safe or adequate for their needs. This makes a powerful argument for Bitcoin (BTC). Indeed, Bitcoin (BTC) is 100% backed and does not run on a fractional reserve, and Bitcoin (BTC) is accessible 100% of the time, so there is no such thing as a run on Bitcoin (BTC).