Elon Musk Reacts to Cathie Wood’s Bold Tweet:- Cathie Wood has some thoughts about the consequences of the Silicon Valley Bank collapse. The saying goes, “When you’re a hammer, every problem looks like a nail.” Speaking of, Ark Invest founder Cathie Wood has a solution to the U.S. banking system’s latest meltdown.
“While the U.S. banking system was seizing up in response to bank runs threatening regional banks, Bitcoin, Ethereum, and other crypto networks didn’t skip a beat,” Wood tweeted.
Wood is a point. While cryptocurrencies have mostly reacted in tandem with equity markets when big news has dropped in recent months, there have been times when digital assets respond better to bad news than their more regulated counterparts on stock exchanges.
Instead of blocking decentralized, transparent, auditable and well-functioning financial platforms with no central points of failure, regulators should have been focused on the centralized and opaque points of failure looming in the traditional banking system.
— Cathie Wood (@CathieDWood) March 15, 2023
Wood also sees government regulators as being asleep at the wheel as “deposits in the banking system were falling on a year-over-year basis for the first time since the 1920s!”
They should have been all over the crisis that was looming in plain sight: asset and liability duration mismatches as short rates soared 19-fold in less than a year and deposits in the banking system were falling on a year-over-year basis for the first time since the 1920s!
— Cathie Wood (@CathieDWood) March 15, 2023
The reference to the 1920s seems to have triggered Twitter’s top commenter Elon Musk, who took the time to comment on Wood’s thread.
Lot of current year similarities to 1929
— Elon Musk (@elonmusk) March 15, 2023
Musk didn’t disclose his comment, so we may never know what happened in the U.S. just before the financial collapse and the Great Depression in 1929. What are the similarities with the current year, but according to Musk, they are many.
Stock market bears and doomsday congregants gathered and shared memes beneath Musk’s tweet.
New evidence recently uncovered shows the real reason for the Great Depression … Inverse Cramer pic.twitter.com/yrHF11N5IB
— StockMKTNewz – Evan (@StockMKTNewz) March 15, 2023
Information Source: TheStreet
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