—”I’ll trust crypto when my deposit is FDIC insured, and the bank is subject to audits.”
The FDIC is backed by the full faith and credit of the U.S. government. ???
The Securities Investors Protection Corporation (SIPC)???
The Social Security Trust Funds??? Still in the lockbox???
And my favorite: The Pension Benefit Guaranty Corporation ???
If my pension goes south, I might? receive 15 to 20 cents on the dollar.
Most of what we have is in ETFs, bonds and stocks...
The 0bama auto bailout covered the bondholders??? NO!
Some how the uaw was paid first???
Well, that, and Over $100 billion in reserves.
Now, Credit Unions are another story. Their insurer didn't have enough money to resolve a single credit union in Texas, and it sat in conservatorship for about 4 years until they could slowly melt away the problem a little at a time.