An Ad of the largest Cryptocurrency in terms of market cap, Bitcoin was spotted in front of the defunct bank Silicon Valley Bank, SVB.
A white van directly in front of the bank displayed the Bitcoin advert.
Recall that the was shutdown by regulators few days ago which has led to various market reactions.
The aims and intentions of the Ad is not known. Also, the sponsor of the Ad is not revealed.
Reacting to the story, netizens have made a mockery of the existing banking system and applauded the Crypto market as the solution to flops of the fiat banking system.
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A Crypto influencer, Lady of Crypto, @LadyofCrypto1 reacted to the Ad with “People are slowly waking up to the fact that when you put your money in the bank it’s no longer yours, it’s theirs.”
“https://twitter.com/Ssj4Taker
We’re about to see a big wealth transfer from banks to #BTC But gotta be ready with some memes aswell like $KARAT for the next bull!” @Ssj4Taker added.
Silicon Valley Bank (SVB) was a California state-chartered commercial bank located in Santa Clara that collapsed on March 10, 2023, with assets being administered by the Federal Deposit Insurance Corporation (FDIC).
Silicon Valley Bank
SVB was the 16th-biggest bank in the United States and the largest bank in Silicon Valley by deposits. SVB has offices in California and Massachusetts.
The bank was the core operation of SVB Financial Group, its publicly traded bank holding company, which also has offices in 13 other states and over a dozen overseas countries.
Former Bank of America executives William Biggerstaff and Robert Medearis formed Silicon Valley Bank in 1983 to serve the requirements of fledgling businesses.
They came up with the concept while playing poker. Roger V. Smith, who formerly led a high-tech lending business at Wells Fargo, was chosen as the bank’s first CEO and president.
On October 17, 1983, the bank opened its doors as a wholly owned subsidiary of Silicon Valley Bancshares (now SVB Financial Group) with 100 original investors. The company’s original office was on North First Street in San Jose.