Angel investor tatianakoffman is just one among many who have turned to bitcoin amid a plague of bank runs. This could be the beginning of a significant shift, where more and more everyday people opt out of the traditional system, she writes. Opinion.
to the Great Financial Crisis in 2008, during a period when many hardworking people felt both the government and the financial system were working against them. In fact, the very first block of Bitcoin had an inscription in the code:"The Times 03/Jan/2009 Chancellor on the brink of the second bailout for banks."
At the same time, Silicon Valley Bank was forced to sell some of the 10-year bonds on its balance sheet at a 20%-30% discount to meet obligations amid a period of climbing withdrawals. As rumors of a cash shortfall began to circulate, a full-on run on the bank ensued and regulators took over. This caused even further panic.
And then there was the obvious question as to who led the risk management department that decided it was okay to buy 10-year securities for an institution that has daily cash flow obligations to their depositors.
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