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“Our authorities invited us and others to step up, and we did,” JPMorgan CEO Jamie Dimon mentioned. Crypto followers could know Dimon as one of many highest-profile advocates of “blockchain” and long-time bitcoin critic. First Republic’s failure is second solely to Washington Mutual, which failed through the Nice Monetary Disaster that additionally gave rise to bitcoin. Whereas some quantity of blame may very well be placed on First Republic’s administration, economists are largely aligned in considering its collapse is a minimum of partially on account of rising rates of interest and the Federal Reserve’s hawkish financial coverage that additionally introduced down the Silvergate, Silicon Valley and Signature banks early this 12 months.
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