Bank runs have the crypto industry on high alert. 3 experts explain why the latest batch is especially worrisome — and what comes next.
Now, technology-forward depositors have much more volatile accounts. "I'm nervous like I was in 2008."
One question at the center of the debacle that's relevant for crypto is whether the fractional-reserve system that many banks use works for tech-forward depositors in volatile growth sectors. Banks typically only need to make a fraction of their deposits readily accessible to customers. They invest the remainder in things including high-interest-rate loans and government bonds.
"Bank runs are evolving into a different and much more dangerous beast because they happen faster," Baker said."They can be stimulated by the way in which the crowd can move due to all the digital and social-media connections that people have." Caitlin Long, the founder and CEO of the Wyoming-based Custodia Bank, said she believes banks could have easily avoided the recent collapses. She said she began sounding the alarm on potential settlement issues five years ago in multiple conversations specifically with bank regulators.
The loss of the Silvergate Exchange Network is a blow to crypto's ecosystem, according to a March 9 report from JPMorgan. The platform had been a central cross-point for fiat transfers for more than 1,000 institutional crypto firms. But between regulatory pressures and the collapse of FTX, general banks are reluctant to fill the gap, the note reads.
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