I'm going to look at two banks here because they're both getting crushed this morning.

The first one you were referring to, Silvergate Capital.

Its massive bet on crypto continues to unravel.

And the other one is Silicon Valley Bank, which is very much tied to the tech startup ecosystem.

Let me get into the first Silvergate capital.

As you can see, shares are down another 20% today.

As it says, it'll shut down amid the route in crypto and

followed at some of its highest profile customers.

What is different about Silver... at some of its highest profile customers.

What is different about Silver Gate,

though, than say an FTX or a Genesis

is that Silver Gate is not a crypto native company.

This is a traditional FDIC insured mainstream bank that

made a huge bet on crypto and when the winter hit it sparked a run that forced it to

sell assets at a loss to cover withdrawals. With its liquidation, the crypto ecosystem, well it

loses the so-called rails or the infrastructure that connected the

traditional financial system, the real-world financial system, to the

the digital sector.

So that further separation has hit Bitcoin as well,

perhaps ironically.

Remember, this is supposed to be a decentralized currency.

But what this shows us is that part of its proposition

...