Blame the Fed: David Sacks and the VC who cried bank-run
PayPal co-founder David Sacks blames the Federal Reserve for the collapse of Silicon Valley Bank, specifically citing rising interest rates.
Cryptocurrency news by Protos · Protos
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Show Notes
“Where is Powell? Where is Yellen? Stop this Crisis NOW,” cried a perturbed and angry David Sacks before market close on Friday March 10.
Sacks, the VC famous for co-founding PayPal, his tech investments, and for buying and dumping $1 billion worth of Solana, was raising the alarm that Silicon Valley Bank had financial troubles and could risk a bank run.
In his panicky tweets, Sacks argued that if SVB wasn’t saved, regional and small banks would also experience bank runs, causing financial chaos.
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