Imagine we are in an alternative universe, and you have an opportunity to name the first ever cryptocurrency. What would it be?

Sorry, we could only come up with Piececoin and it’s really bad, help

#minto_fun

"Crypto had nothing to do with unprecedented spending by our government over the last 2 years. Crypto had zero influence on Jerome Powell not being more aggressive with interest rate hikes to get ahead of inflation. Crypto had nothing to do with poorly managed banks that took customer capital and over-extended themselves by purchasing long-term US government bonds.

These purchased government bonds slowly depreciated in value secondary to interest rate spikes. They are no longer worth what the banks originally purchased them for, and the loan's maturity date is nowhere in sight. So, what do the banks do if the customers request to withdraw their funds? These bonds haven't hit their maturity date to receive back the principal and interest. The bank now needs cash to return to their customers, and if they sell or liquidate their government bonds before the mature date, they'll get their access to cash, but it's for a loss.

Banks liquidated their investments to keep their heads afloat. It didn't take long for smart investors to see these banks have a problem that elevated their risk exposure, the problem that could lead to a scenario where funds become inaccessible. So they withdrew their money en masse. It devastated and bankrupted a handful of larger/mid-size US banks.

Smaller US banks have a particularly unique problem on their hands as well. Small banks control maybe 20% of total bank assets but account for over 50% of all business lending. Due to inflation, their loaned credit is accessed remarkably less now, and thus, their market value from issued loans has been crushed.

You tell me… Did crypto do this to our banks?"

What will you answer to Matt?

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