bitcoinKnown for its support of and a $1 million price prediction Cathie Wood, CEO of Ark Invest, He dealt with banks that went bankrupt at short intervals in the USA.
US banks Silvergate, Silicon Valley Bank and Signature BankThe US banking system, which was hit hard by the bankruptcy of , is trying to recover with bailout plans from regulatory agencies.
Cathie Wood, who shared a post about the events in the USA, claimed that the banking system in the country has become unstable.
The famous CEO, who spoke highly of cryptocurrencies, said that despite the destabilization of the banking sector, Bitcoin (BTC) And Ethereum (ETH) like cryptocurrencyHe said they continue to work.
Wood also noted that instability in the banking system stablecoins And DeFiHe added that he threatened her.
“Bitcoin, Ethereum, and other crypto networks continued to operate even during this period of instability as the US banking system recovered in response to bank runs threatening regional banks.
Instability in the banking system has threatened stablecoins and DeFi, contrary to what regulators say.
Regulators should have focused on centralized and opaque points of failure that arise in the traditional banking system, rather than blocking well-functioning financial platforms like crypto that are decentralized, transparent, auditable and lack central points of failure.”
Stating that the regulators did not do anything even though the banking crisis in the USA said it was coming, Wood, referring to the Great Depression that hit the USA in 1929, claimed that the clear signs of the crisis were appearing and it was similar to the crisis in the 1920s.
This sharing of Cathie Wood also received support from Elon Musk, the owner of Twitter. Musk commented that the current situation in banks is very similar to the situation in 1929.
While the US banking system was seizing up in response to bank runs threatening regional banks, Bitcoin, Ethereum, and other crypto networks didn’t skip a beat. Instability in the banking system threatened stablecoins, the on-ramps to DeFi, in stark contrast to regulator rhetoric https://t.co/r5xwC96Pdj
— Cathie Wood (@CathieDWood) March 15, 2023
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