Crypto moguls spark wild speculation they could buy Silicon Valley bank amid Bitcoin price chaos

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The sudden collapse of Silicon Valley Bank (SVBVB) this week threw the crypto market into chaos, even after a former regulator warned of impending “investor carnage” in bitcoin’s price and cryptography.

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Regulators and Federal Reserve officials are scrambling to prevent the bank’s shock implosion focused on tech startups from turning into an outright financial meltdown.

Amid the chaos, Changpeng “CZ” Zhao, the chief executive of the world’s largest bitcoin and crypto exchange, Binance, hinted that now might be the time to buy a bank while the Tesla billionaire , Elon Musk, said he was “open to the idea” of buying Twitter. Bank of Silicon Valley.

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Binance CEO Changpeng “CZ” Zhao and Tesla billionaire Elon Musk both launched the… [+] idea that they could buy Silicon Valley Bank.

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“Is there time yet? Not sure,” CZ posted on Twitter alongside a link to a November 2022 report in which he said Binance could potentially buy a bank to bridge traditional finance, bitcoin and crypto.

“There are people who have certain types of local licenses, traditional banks, payment service providers, even banks. Were looking at those things,” CZ said at the Web Summit conference. year, according to Bloomberg. “We want to be the bridge between crypto and the traditional financial world.”

Meanwhile, Musk, whose electric car company Tesla still owns around $220 million worth of bitcoin, said he was “open” to Twitter buying Silicon Valley Bank in response to a suggestion from Min. -Liang Tan, the general manager of gaming computer company Razor.

“I think Twitter should buy SVB and become a digital bank,” Min-Liang Tan said.

Neither CZ nor Musk explained how or if they could even acquire Silicon Valley Bank.

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The price of bitcoin has been swinging wildly this month amid a crypto banking crisis that has spread to… [+] wider industry.

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The bitcoin and crypto industry was already in the midst of its own banking crisis when Silicon Valley Bank went bankrupt. Silvergate, a crypto-enabled bank, collapsed earlier this week after being hit by customer withdrawals following the collapse of major crypto exchange FTX last year.

Some in the crypto industry believe the US is waging an unofficial war on crypto companies, branded as Operation Choke Point 2.0, in an effort to stifle the technology.

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