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Jim Bianco on the Health of the Global Financial System
Bankless
The Rise of Cryptocurrency Yields
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As rates went from one, two, three to four percent, the interest rate you got on your bank account was zero. JP Morgan Chase still advertises on their website that if you open a savings account with them,. But once we got past four percent, that was about Thanksgiving. Behavior started to change. People started to pull their money out of the bank and put their money into a money market fund because it was yielding 4% or 5%. And just like the DeFi 1.0 yield farmers, they tend to be a bit mercenary. They have no allegiance to where their money is. They have allegiance to who's giving them the highest yield.
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