Oh boy
Imagine you have to wait two days with anxiety til Monday to have the Fed to told you that your fund is safe, no need to worry.
I see people on fintweet trashing bitcoin not being a safe have during a bank run.
They didn’t see the obvious: Not your key, not your Bitcoin.
In fact, price in short term will not always move as you wish. It may move up with bad news and down with good news. Ultimately, short term price action doesn’t reflect the underlying fundamentals.
Ben Graham famously wrote this, ”In the short run, the market is a voting machine but in the long run, it is a weighing machine.”
Bitcoin price action in short term may not behave like a safe haven but it doesn’t mean in the long run it won’t.
At this point, the banking system is a confidence game.
SVB*
SBV has sparked the fear in many people’s mind about whether or not they should trust their banks.
Here it’s the thing: Withdrawal all your money from banks to the bank in the cyber space called Bitcoin.
*not financial advice*
From far, I can see a big wave of startups bankruptcy incoming.
I am so bullish on bitcoin
Just learn that FDIC can only insure 250K. Anything above is uninsured.
I’m so bullish on Bitcoin.
*not investment advise*
Only 2.7% of SVB deposits are FDIC insured 97.3% aren't.
To put SVB’s failure in perspective:
SVB is second largest bank failure in U.S. history just slightly behind Washington Mutual in 2008.
Washington Mutual was the second largest bankruptcy in U.S. history and Lehman Brothers was the number one.
Possible
SVB was named 20th best America’s bank 3 days ago by Forbes.
"Stay calm! SVB’s issues were highly idiosyncratic," said the bank analyst.
Steady Lads...
You can’t trust the bank that’s exactly why bitcoin exist.