"Hmmm what do you want to do if this is the best way."
Cardano (ADA) founder Charles Hoskinson gave his view on the crypto market after three of the leading financial companies in the United States (US), Silvergate Capital, Silicon Valley Bank (SVB) and Signature Bank were closed by regulators.
Hoskinson said that crypto should stay away from traditional banking as it is full of unstable and uncertain companies which has been the cause of many crypto firms recently suffering heavy losses.
Following the collapse of the three crypto-friendly banks that rocked the US financial system, he predicts banks will be wiped out as the treasury digitizes.
However, US President Joe Biden announced earlier this week that people should have high confidence in the domestic banking network while describing it as safe.
He also touched on the collapse of SVB by assuring that no losses will be borne by taxpayers.
Even so, individuals who invest in the bank will lose their funds because that's how capitalism works.
Additionally, USDC's second largest stablecoin with $3.3 billion stuck in SVB saw its price plunge as low as $0.87 but soon recovered to $1.
While crypto exchange company Coinbase reportedly holds $240 million in Signature Bank while Paxos holds $250 million.
