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3min chapter
Bank Runs!
Patrick Boyle On Finance
Introduction
The last bank failure in the United States happened in 2020 when a small bank with $69 million in deposits failed. That two-year streak was broken this Wednesday with the failure of the crypto-focused bank Silvergate, which was a bit bigger. As of year end 2022, Silvergate's deposits were over $6 billion,. possibly ranking it in the top 50 largest US bank failures in FDIC history. It's hard to overstate how much it revolutionized banking for blockchain companies.
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