Crypto Moguls Spark Wild Speculation They Could Buy Silicon Valley Bank Amid Bitcoin Price Chaos

Crypto Moguls Spark Wild Speculation They Could Buy Silicon Valley Bank Amid Bitcoin Price Chaos

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Silicon Valley Bank (SVB)
VB
) sudden collapse this week has plunged the crypto market into chaos—even after A former regulator has warned of the impending “investor carnage” of bitcoin and the crypto price.

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Regulators and Federal Reserve officials are scrambling to prevent the bank’s implosion focused on tech startups from turning into a full-blown financial meltdown.

Amid the chaos, Changpeng “CZ” Zhao, the CEO of Binance, the world’s largest bitcoin and cryptocurrency exchange, hinted that now might be the time to buy a bank, while Tesla billionaire Elon Musk, He said he is “open to the idea” of buying Twitter. Silicon Valley Bank.

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“Is it about time? I’m not sure”, CZ aware to Twitter along with a link to a November 2022 report in which he said Binance could buy a bank to unite traditional finance, bitcoin and crypto.

“There are people who have certain types of local licenses, traditional banking, payment service providers, even banks. We’re looking at those things,” CZ said during last year’s Web Summit. reported by Bloomberg. “We want to be the bridge between cryptocurrencies and the traditional financial world.”

Meanwhile, Musk, whose electric car company Tesla still has about $220 million worth of bitcoin, saying is “open” to Twitter buying Silicon Valley Bank in response to a suggestion from Min-Liang Tan, CEO of gaming PC company Razor.

“I think Twitter should buy SVB and become a digital bank.” aware Min Liang Tan.

Neither CZ nor Musk expanded on how or if they might acquire Silicon Valley Bank.

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The bitcoin and crypto industry was already in the midst of its own banking crisis when Silicon Valley Bank went bankrupt. Silvergate, a crypto-friendly bank, collapsed earlier this week after it was hit by customer withdrawals following the collapse of major cryptocurrency exchange FTX last year.

Some in the crypto industry believe The US is waging an unofficial war against cryptocurrency companies, dubbed Operation Choke Point 2.0, in an attempt to stifle the technology..


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