The other day I was watching some videos completely unrelated to Bitcoin, and banking, and the subject of Bitcoin and banking came up.
Obviously the bank runs because of SVB were a subject, and as they were explaining the events that lead to it's collapse, it all made perfect sense...
What we already know is that for a few months now the people in charge of the bank were out and about accepting awards, and touting the bank as a great deal for investors.
Even Jim Kramer was telling folks how great it was, just weeks before it failed.
But what I didn't know was even more deceptive than I could have imagined.
The deal was that in April of last year, the CRO of SVB stepped down. Now a CRO is the Chief Risk Officer. Their job is to reduce risk to the bank and investors.
But the odd thing, she was not in the office from April to October...but she was receiving a paycheck, and the same time the FED was raising interest rates.
She was the person who would have seen this, and fixed the issue, but as she was not around, and they hadn't hired another CRO, the bank was vulnerable.
Why would they do this, if not to destroy something.
Sure, most sold many of their holdings when they saw what was coming, but let's not forget that USDC had almost 8% of their funds in SVB.
After the bank failed, most stablecoins depegged, and the bank runs began...
Here is an interesting view, and one that makes sense to me.
Jim Kramer was talking about the bank like it was a great investment, but what if he was either part of the scandal, or just pushing a narrative his handlers wanted him to push.
People would see what was happening, and start withdrawing their funds, to destroy investors and crypto in one hit...
Now, maybe the FED saw a way to destroy both startups and crypto, knowing that the CRO wasn't around, and decided to hike rates.
How would she know the rates were going to be raised, if not from the FED themselves.
You can't tell me that bank officials don't communicate with the FED when stuff comes down the road.
It was a setup to destroy the middle class, startups, and crypto...but it's just one bank...No, Silvergate as well, and now the SEC is cracking down HARD on crypto.
It isn't some coincidence, this is a planned attack on our financial futures, and it's all to usher in CBDCs and digital IDs, and to track every living person on earth.
We need to get our acts together, and get all crypto detached from EVERYTHING government related.
This needs to end now!
Thanks for reading, and don't forget to let me know your thoughts in the comments below...
