According to the latest reports, there is an important strategy advisor at Vaneck/MVIS who is highlighting the disparity between the money held at the Federal Deposit Insurance Corporation (FDIC) and the amount of money sitting in the US banking system. Check out the latest reports below.
News about the banking system in the US
In a series of viral tweets, Gabor Gurbacs examines the latest data from the FDIC – a US agency whose mission is to maintain stability and public confidence in the nation’s financial system.
“According to the FDIC, $124.5 billion is currently on the agency’s balance sheet, with an additional $100 billion line of credit available from the U.S. Treasury, for a total of $224.5 billion,” the Daily Hodl notes.
That compares to a staggering total of more than $22 trillion in the US banking system, says Gurbacs.
Of course, the FDIC doesn’t cover anything above $250k… so basically no businesses. It’s practically worthless. People trust banks more than what they should. Tier 1 leverage ratios (tier 1 capital/consolidated assets) show just how much more leveraged banks are vs stablecoins. pic.twitter.com/310MoMEoXI
— Gabor Gurbacs (@gaborgurbacs) March 10, 2023
Biden admin fight BTC owners in the US
Bitcoin just bounced off a historical line of support at $20,000 as the Biden Administration launched an all-out assault on cryptocurrency and the 50 million American citizens and voters who own digital assets.
“The latest jab stems from President Biden’s dead on arrival tax plan, which would impose a 30% tax on the energy used for Bitcoin mining, reports the New York Times,” according to the reports coming from the online publication the Daily Hodl.
The plan would also stop crypto investors from selling assets at a loss and quickly rebuying them in order to save on taxes, reports Bloomberg.
As we keep reporting, escaping the traditional financial system can be easily made via Bitcoin.
