......Sacrebleu! ...A clue???????????...................
Posted on 03/13/2023 11:06:35 AM PDT by Red Badger
Crypto hedge fund executive Marco Lim spent Monday racing to open bank accounts in Hong Kong after the sudden collapse of three US lenders.
The hedge fund, MaiCapital, is based in the city and had cash at one of the fallen institutions, Signature Bank. MaiCapital needs alternatives and managing partner Lim was pressing lenders to speed up account opening.
“The two biggest crypto friendly banks are gone,” Lim said, referring to Signature and Silvergate Capital Corp., which also had many crypto clients and said Wednesday it would liquidate. “I’ve been through too many crises.”
Silvergate, Signature and Silicon Valley Bank were toppled in the past few days amid bank runs, spurring the US to introduce a new backstop to shield deposits. The loss of Silvergate and Signature is particularly grievous for digital assets as the two operated real-time, seven-days-a-week payments networks for the crypto industry, aiding the flow of money to and from the sector.
Many crypto firms are now combing for banks outside the US, with lenders in Switzerland and the United Arab Emirates among those in the spotlight. This tilt away from America had already begun due to growing regulatory heat there after the implosion of Sam Bankman-Fried’s FTX digital-asset exchange.
“The US isn’t as accommodative as it was toward crypto,” said Richard Galvin, co-founder at fund manager Digital Asset Capital Management in Sydney. “It makes sense to diversify across jurisdictional grounds.”
(Excerpt) Read more at finance.yahoo.com ...
This is the reason for the bank collapse. I’ve heard Joe Bidon is ready to sign legislation to role out thevdigital dollar, but they need to eliminate crypto currency to do it.
“ The two biggest crypto friendly banks are gone,” Lim said”
There might be a clue there for fake currency dabblers
The banks are leading the way to make crypto be gone too.
[caveat: non-ISO20022 crypto]
The crash is coming! The virus is on the move in the Banking world....
......Sacrebleu! ...A clue???????????...................
The primary reason for holding crypto was to be your own bank. I cannot imagine a risk management team agreeing to hold crypto funds beyond transfers in and out of exchanges.
Need to unload these somewhere before they lose value:
When money is outlawed, only outlaws will have money...................
All currencies that aren’t backed by a real commodity are “fake”.
The good thing about crytpo is that it can’t be influenced by just printing more money (like the US Dollar). The algorithm is there for everyone to view and understand. A digital dollar won’t be like real crypto...it will still be able to be manipulated by the feds.
At this time, our stocks are doing okay!:
https://www.foxbusiness.com/live-news/stock-market-news-today-march-13-2023
I thought the whole idea of crypto was not to NEED banks. What a farce.
The Ides of March is the 74th day in the Roman calendar, corresponding to 15 March. It was marked by several religious observances and was notable in Rome as a deadline for settling debts. In 44 BC, it became notorious as the date of the assassination of Julius Caesar, which made the Ides of March a turning point in Roman history.
So we have THREE bank failures leading up to the Ides of March.
Great video.
btt
I’ve got an idea, why don’t they ask Zelenskyy, I know for a fact he’s got more than a few Billions hangin around.
I finally heard a newsman refer to crypto as crapto. Fitting.
Not bad for a former comedian..................
Crypto will tank banks wherever it goes.
It is like leftists moving to new cities—turns them into oozing woke zombieland very quickly.
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