U.K. lobbying groups and lawmakers have been complaining that crypto clients can’t find a bank and are faced with restrictions, so they are calling the government to act.
Coinbase’s former CTO, among others, has predicted that bitcoin will reach $1 million as the dollar fades, but these doomsayers are ignoring other historical precedents.
Silvergate Bank lost more than $8 billion in deposits from its crypto customers in the final months of 2022 as its core block of business crumbled under the industry’s implosion – just as the bank’s regulators had predicted might happen for such institutions.