The collapse of several banks – Silvergate, Signature Bank, Silicon Valley Bank, Credit Suisse, and First Republic – has left a significant number of people concerned about their deposits, questioning the strength of the existing financial infrastructure. This week Pac West bank stocks dropped in value more than 40%.
While once the domain of free-market capitalists and right-wing libertarians, the policies of quantitative easing and centralized banking are now queried by those of a more moderate disposition.
A systemic collapse could herald increases in the price of cryptocurrency and NFT tokens, but the effects could be catastrophic. Strategic thinking is still required to transfer from fiat to crypto in the safest manner possible, choosing the best possible projects and ecosystems.
The Banking Crisis – An Overview
Silvergate Bank shut its doors in early March 2023. FTX was a major client of Silvergate and it was no real surprise that it ultimately went under, losing over $1 b
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