Key Ideas

• Elon Musk has said he is in favor of buying a struggling Silicon Valley bank.
• Elon Musk’s purchase of Silicon Valley Bank may aid in transforming Twitter into a dominant financial force and Digital Bank.

Elon Musk, a billionaire supporter of cryptocurrencies, expressed interest in the topic of buying the troubled Silicon Valley bank after it was hinted at.

As previously mentioned in a Coincu News article, Silicon Valley Banking and Finance Corporation (SVB) was shut down on March 10 by California bank regulators. SVB is the second bank after Silvergate Capital to announce a shutdown this week after experiencing serious difficulties with a banking run earlier this week.

Many people, including billionaire Elon Musk, have been confused about where investors can securely store their money as a result of the association between the traditional finance sector and the cryptocurrency sector in recent years.

As events progressed, Min-Liang Tan recommended that Twitter think about purchasing SVB and transforming it into a digital bank. Interestingly, Elon Musk replied to it: “I’m open to the idea”.

Earlier than that, Musk recently revealed his goal to turn Twitter into the biggest financial institution.

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Elon Musk stated that he intends to offer a “strong financial experience” that will perform better than PayPal. Musk has been eager to create everything app X for Twitter, so if he successfully acquires SVB to set up the banking infrastructure, it could be a significant event.

If Elon Musk’s plan to purchase Silicon Valley Bank is real, it could turn Twitter into a major financial player and Digital Bank. Of course, his team must look into the bank’s assets and determine how much assistance they can offer Twitter.

With losses totaling $209 billion, the Silicon Valley bank crisis was deemed the worst banking incident since 2008.

The USDC stablecoin issuer Circle has asserted exposure of up to $3.3 billion, significantly more than the $1 billion anticipated. Silicon Valley Bank is said to have a strong relationship with Circle. Due to this, USDC is declining to $0.93, the strongest depeg against the dollar in this stablecoin’s history.