In the past week, absolute mayhem took over.
You may not have had money in SVB, but you panicked.
You may not even be in the US, but you panicked knowing global markets would be affected.
You may have been bankless, but then you realised a portion of stable coins were tied to SVB, so you panicked.
There was a bank run, fiat couldn’t be withdrawn, crypto was crashing and so was stable coins. Fears of 2008 surfaced, some of us went as far back as 1997 when the ASIAN financial crisis happened.
Someone lost a huge amount of money in the panic. Three banks were closed down subsequently. All its investors lost their shares.
So from shock to anger, it's been a roller coaster week. Today most of us have turned into the third character. Dazed and resigned, just watching closely.
This may not be a fullblown crisis yet but it signals not everything is right in the centralised banking world.
For a bank that was behind the tech industry for 40 over years, I worry howits loss will impact the growth of tech, the people behind tech advancement and everyone in the tech ecosystem. How will this impact crypto and NFTs? Will we see crypto continue to rise or will it be a false sense of rise? How many more will lose jobs?
But there really is nothing much we can do but watch at this point.
Visithra
