January 17, 2024 — 4:22 PM
While I’m impartial to crypto, “Vanguard is betting that the crypto collapse in March, which sank banks like Silvergate, Signature, First Republic and Citizens Bank…”
Crypto’s drawdown in March didn’t collapse any banks. Those banks had exposure to VC-funded companies, who were burning their cash. The banks also bought billions of dollars worth of long-term treasuries yielding less than 1.5%. When the fed raises rates over 400bps, that creates a hole in your balance sheet. Not crypto.
