from Balaji | by Balaji

We're in a new era. People know banks may abruptly fail. People know regulators won't warn them beforehand. So people are seeking safe haven. Billions exiting via digital wires. But to where? Today, big banks and money market funds. Tomorrow, assets without counterparty risk.

TRADFI WINTER As @BernsteinGautam and @BernsteinBuzz correctly note, tradfi is taking on some of the worst aspects of defi. I call this tradfi winter. Think about the parallels: 1) Regulators won't tell you which banks may fail beforehand. You need to do t.co/oEsXjvO6vr… t.co/e4dzoyJlDO