Discover more from Token Dispatch
Banking crisis not crypto’s fault 🧘🏾🆗
The banks go one way, and the crypto goes another. Bitcoin has outperformed banks. Binance makes a $1 Billion purchase - BTC, ETH, BNB. Jim Cramer wants to sell Bitcoin. What about Inverse Cramer?
Hello y'all. This is The Token Dispatch. All the hard work. No days off. Giving more. Receiving less. Not quitting. I want to thank me for being me 💃🏾🕺🏾
The banks have collapsed. Crypto world has been cornered. There are theories, commentaries and narratives. Everywhere. For everything.
The big question - Is the banking crises crypto's fault?
Crypto didn't fail all them banks. It has nothing to do with the failure.
Silvergate Bank voluntarily wound down on March 8 ($12 Billion in assets).
Silicon Valley Bank (SVB) went into FDIC receivership on March 10 ($200 Billion in assets).
Signature Bank was shut down by state regulators on March 12 ($100 Billion in assets).
They themselves did. A heady mix of poor regulations and dodgy risk management. All these banks serviced some crypto clients. Some serviced more than others. No bank held crypto in their balance sheets. They held treasuries. It's their treasury portfolios that posted huge losses and that allowed this to happen.
Crypto's foundation pillar is decentralisation. No one entity is in charge of individual's finance. We are not there yet, and that makes the role of the banks a key aspect for the reality now. The banks are the bridge between the decentralised and the centralised finance systems. So the great banking meltdown, is going to have an impact on the crypto industry. It also leaves lot of uncertainty regarding the finance system bridge that crypto needs to make it accessible to masses. This was on cards, not a surprise. It is a problem that crypto needs to work around and eventually workout.
Why not sponsor us, eh?
TTD Surfer 🏄
Crypto has always had thinkers and thought leaders who have provided an endearing and entertaining narrative. Bookmark them 🔖
TTD MTM 📈
The 2008 financial crisis gave birth to Bitcon. 15 years later, we are is a similar kind of pickle and BTC looks strong.
TTD Number Picker 🔢
Binance will convert about $1 Billion Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB and ETH.
“The transfer took 15 seconds and cost $1.29. Imagine moving $980 million through a bank before banking hours on a Monday,” CZ is on the move.
TTD Blockquote 🔊
"Bitcoin is a strange animal"
Jim Cramer, host of CNBC’s Mad Money, on Monday March 13, urged investors to be cautious, as the cryptocurrency is still subject to manipulation and investors should sell their holdings amid the rally.
No Thanks Jim.
So long. OKAY? ✋
The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.