For what itโs worth, I donโt think this is the beginning of widespread financial system contagion. Although, I donโt think this is the last shoe to drop, either.
Discussion
The thing is you donโt know unless you work at the FDIC.
Really?
Feels to me like a moment for reflection and foundational shift in the way people think about accessing their funds. Even if regulators did this in order to freeze deposit withdrawals ahead of a weekend sale of the bank and thus ensuring smooth access next week (like FDR bank holiday).
Feels like a natural increase to narrative and conversation around accessing funds and sovereignty
Irony: Bitcoin was created in response to the 2008 crises, first of its kind. Its kind now might be the cause of the next crises. No judgement just irony?
I donโt actually think this is a repeat of 2008, tbh.
Definitely not a repeat of 2008.
Too many Bitcoiners have PTSD and are fighting the last war. ๐คท๐ผโโ๏ธ
Post GFC - the US financial system is in far better shape than it was in 2007-2008.
The issue has been and always will be the shadow banking system.
The canary in the coal mine is at the margin, and not at some well-placed bank.
The irony is you canโt invent money that no one can print without also democratizing the printing of money.