Sirwin
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First Republic, and only secondly Bitcoin...

By Crypto4you23 | Cryptoanswers22 | 2 May 2023


Once again, we have an American bank going bankrupt, this time it was First Republic Bank responsible for 93 offices located in California and other American cities.

Although JPMorgan has taken over all of this bank's available assets, we should look at this as an exposure of why we as maximalists love Bitcoin and will go all the way with this currency (and sometimes exchange it for Dogecoin since no one is made of iron).

Why should we trust the old American system to control the global economy if we have countless ways to stay stable and profit immensely with Bitcoin and other cryptocurrencies?

Isn't it clear that this American system seeks the hegemony of the Fed?

Isn't it clear the agenda of the world's elites making all global transactions using the US dollar so that no one ever has a real financial rise and only the American central banks (along with WallStreet) profit immensely at the cost of crises and losses of assets around the globe?

The Federal Deposit Insurance Corporation (FDIC) has accepted the offer from the American bank and states that it is entering into a purchase agreement with JPMorgan to take over all of the deposits and assets of the failed institution, with the exception of corporate debt and preferred stock.

As a result, the 84 offices of First Republic Bank distributed across eight US states will be reopened as branches of JPMorgan Chase Bank, and depositors will become part of JPMorgan's portfolio.

The agreement stipulates that the bank make a payment of $10.6 billion to the FDIC.

In April, First Republic Bank had approximately $229.1 billion in total assets and $103.9 billion in total deposits.

However, last week, the bank reported the departure of over $100 billion in deposits in the first quarter.

This increased stress for the institution and the banking sector, which had already seen the failure of Silicon Valley Bank (SVB) and Signature Bank in March. Additionally, Credit Suisse was bought by rival UBS.

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