“Our authorities invited us and others to step up, and we did,” JPMorgan CEO Jamie Dimon mentioned. Crypto followers might 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 throughout the Nice Monetary Disaster that additionally gave rise to bitcoin. Whereas some quantity of blame might be placed on First Republic’s administration, economists are largely aligned in pondering its collapse is no less than partially resulting from 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 yr.
