U.S. banks lost $472 billion in deposits in the first quarter of 2023 – which saw the worst banking crisis in over a decade.

That’s according to a new quarterly report from the Federal Deposit Insurance Corporation (FDIC).

The deposit decline was the largest since the FDIC began collecting quarterly industry data in 1984. And it marked the fourth consecutive quarter of industry outflows.

The regulator tracks performance for 4,672 commercial banks and savings institutions.

The question is, where did all the money go?

Of course, a great deal went into U.S. Treasuries, which are paying their highest interest rates in over a decade.

But Daily editor Teeka Tiwari believes some of those billions have undoubtedly flowed into bitcoin.

During the banking panic, depositors withdrew billions from traditional accounts as major banks imploded. Some of that money went into crypto.

Despite a recent pullback, the world’s top cryptocurrency, bitcoin, is up 60% this year. And Teeka believes it’s going higher – even past its previous all-time highs.

You see, there’s a new development brewing beneath the surface that’s even more impactful than the banking crisis… And Teeka believes it’s set to drive crypto user growth to 5 billion by 2030.

Yet as this new development drives crypto firmly into the mainstream, the crypto market will begin a maturing process as we move out of the current bear market.

The market will start to trade more like the stock market… It will become less volatile…

And the days where you can get in on a foundational crypto project that will shape our future for pennies on the dollar… Well, they’ll be gone forever.

On Wednesday, Teeka held a special broadcast to explain the details of this new crypto development… as well as a special subsector of cryptos that’s springing out of it.

These cryptos are set to lead the next bull run… handing those who get in now the possibility of securing the biggest gains of any cryptos.

The broadcast won’t be up much longer. So make sure to click here to stream the replay.

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Regards,

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Chaka Ferguson
Editorial Director, Palm Beach Daily