Elon Musk Excited About The Crisis Silicon Valley Bank Acquisition

Key Points:

• Elon Musk has expressed support for the idea of ​​acquiring a troubled Silicon Valley bank.
• Elon Musk’s acquisition of Silicon Valley Bank could help turn Twitter into a financial powerhouse and Digital Bank.

After being hinted, billionaire crypto advocate Elon Musk expressed interest in the issue of acquiring the troubled bank of Silicon Valley.

As mentioned in a previous Coincu News article, on March 10, California Bank regulators announced the closure of Silicon Valley Banking and Finance Corporation (SVB). SVB ran into major trouble with a banking run earlier this week and is the second bank after Silvergate Capital to announce a shutdown this week.

The association between the traditional finance industry and the crypto sector in recent years has caused many people, including billionaire Elon Musk, to wonder where investors can safely store their value.

As developments unfolded, Min-Liang Tan suggested that Twitter should consider buying SVB and turning it into a digital bank. Interestingly, Elon Musk replied to it: “I’m open to the idea”.

Before that, Musk also recently shared his mission to make Twitter the largest financial institution.

Elon Musk said he is planning to provide a “strong financial experience” that will outperform PayPal. Musk has been eager to develop everything app X for Twitter, and it may be a big deal if he completes the acquisition of SVB to prepare the banking infrastructure.

If the acquisition of Silicon Valley Bank is indeed in Elon Musk’s plan, it could help turn Twitter into a financial powerhouse and Digital Bank. Of course, his team needs to examine the bank’s assets, and to what extent they can help Twitter in that regard.

Regarding the crisis at the Silicon Valley bank, it was rated as the biggest banking accident since 2008 with losses amounting to $209 billion.

USDC stablecoin issuer Circle, which is said to have a strong relationship with Silicon Valley Bank, has claimed exposure of up to $3.3 billion, much higher than the $1 billion expected. That’s why USDC is falling to $0.93, the strongest depeg against $1 and in the history of this stablecoin itself.

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