According to the latest information, billionaire investor Bill Ackman has announced that Bank of America has recently been closed by US regulators. cryptocurrency He suggested that he plans to buy the friendly bank Signature Bank.
Billionaire Bill Ackman Was The First Name To Make The Claim About The Crypto-Friendly Signature Bank
Signature Bank is a New York-based financial institution known for its openness to crypto-related businesses. But the bank was recently shut down by regulators to “protect depositors”.
Bill Ackman, founder and CEO of Pershing Square Capital Management, a New York-based hedge fund, made the announcement via Twitter. Ackman expressed concern that the cost of capital for small banks will increase, which will lead to banks merging or being acquired by larger institutions such as SIBs (Systemically Important Banks):
“I hear that Bank of America will acquire Signature Bank on Monday. Unless we can protect uninsured deposits, the cost of capital for small banks will increase, forcing them to merge or be acquired by SIBs. I don’t think that’s good for America.”
I am hearing that @BankofAmerica is going to buy Signature Bank on Monday. Unless and until we can protect uninsured deposits, the cost of capital is going to rise for smaller banks pushing them to merge or be acquired by the SIBs. I don’t think this is good for America.
— Bill Ackman (@BillAckman) March 17, 2023
Bank of America has yet to confirm or deny rumors that it is interested in acquiring Signature Bank. However, if the acquisition does happen, it could have a significant impact on the cryptocurrency industry in the US. Bank of America is one of the largest financial institutions in the world.
On the other hand, Signature Bank had been operating since 2001 and was a pioneer in the banking industry. The bank was working with various cryptocurrency exchanges and other companies in the industry to offer banking services.
However, a knowledgeable source told Reuters that Bank of America is not interested in acquiring Signature Bank.
*Not investment advice.
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