This Week in Startups Balaji’s $1M Bitcoin bet, banking crisis update, OpenAI launches GPT-4, and Jay Trading! | E1702
5 snips
Mar 20, 2023 
Rachel Braun, a producer and insightful contributor, joins to discuss the latest in startup news. They dive into the banking crisis, dissecting its ripple effects on startups—highlighting liquidity challenges and simplified banking needs. The conversation pivots to Balaji's polarizing $1M Bitcoin bet, exploring its implications for hyperinflation. Lastly, they break down OpenAI's launch of GPT-4, highlighting its potential to revolutionize productivity across various sectors and its impact on the job market.
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Banking Crisis Intervention
- Fractional banking requires coordinated intervention during crises, as seen with the recent joint action by central banks.
- This intervention aims to improve liquidity and stabilize markets, potentially through quantitative easing and rate cuts.
Lemon.io's Banking Challenges
- Lemon.io, a Ukrainian startup, faced banking challenges after SVB's collapse, highlighting the difficulties startups face with traditional banks.
- Chase initially struggled to understand their business model and later closed their account due to their remote status.
Startup Banking Best Practices
- Diversify your startup's funds across multiple FDIC-insured accounts, especially if under $250,000.
- Consider neo-banks for basic services, but prioritize top-tier banks for stability during market uncertainty.
