Gemini Co-Founder Tyler Winklevoss Slams US Banking System,

Says Government Created a Crisis

Gemini co-founder Tyler Winklevoss is speaking out against the US banking system, saying that the government created the current crisis.

The billionaire tells his one million Twitter followers that he believes the US banking industry is a caste system designed to favor the wealthy.

According to Winklevoss, the government created a system that is likely to only cover deposits in banks deemed “too big to fail,” while leaving others out to dry.

“The US banking system is a modern-day caste system. There are those who are banked by Bulge bracket banks. There are those who

Crypto Flourishes in Vietnam With 16.6 Million Holders

The latest data revealed that around 17% of Vietnam’s population have jumped on the cryptocurrency bandwagon.

The “Vietnam Crypto Market Report 2022” revealed that 16.6 million Vietnamese own digital currencies, with bitcoin being the most popular asset. are banked by regional banks. And there are those who are banked by no bank at all.

The uninsured deposits of those who bank with a Bulge bracket bank are all but guaranteed by the US government as these institutions are deemed Systemically Important Financial Institutions (SIFIs) or ‘Too Big to Fail.’

Another research conducted by Chainalysis placed the Asian country as the world’s cryptocurrency adoption leader, with a score of 1.000.

Close to the Top

The study, reported by a local media outlet, estimated that 16.6 million Vietnamese had purchased cryptocurrencies (approximately 17% of the country’s population). 31% of those have invested in bitcoin, making it the most preferred digital asset.

The research determined that Thailand is the only country with more HODLers than Vietnam in the Association of Southeast Asian Nations (ASEAN).

Read more...

Apart from having a considerable number of crypto investors, Vietnam is also home to multiple blockchain projects that primarily focus on GameFi (Game Finance), NFTs, or Web3.

Vietnamese have founded seven of the top 200 blockchain organizations globally, with Axie Infinity, Coin98, and Kyber Network being some of the examples. Axie Infinity is among the most popular blockchain-based games, reaching a peak of nearly three million users at the beginning of 2022. The user base dropped below one million in the following months before spiking again at the start of 2023.

The uninsured deposits of those who bank with a regional bank may or may not be backstopped by the US government depending on whether its failure would create financial contagion in the greater banking system as determined by a super majority of the FDIC board, a super majority of the Fed Board. Read more...