Gemini Crypto Exchange Founder Tyler Wolvoss: US Banking System Only For Rich People

JAKARTA - Gemini, a crypto trading platform, has criticized the United States' banking system for being considered unfair. Tyler Wolvoss, co-founder of Gemini, said via his Twitter account that the US government created the current crisis. According to him, the banking system in the US is a modern caste system designed to benefit the rich.

Walivoss said the government created a system that would only guarantee deposits in banks deemed "too large to fail", while smaller banks were left slumped. Unintegrated deposits from those whose banks fall into too large a category to fail to be guaranteed by the US government. As for smaller banks, it may not be guaranteed by the government at all.

According to him, the US government failed to contain the banking crisis that occurred and was even the cause. Cameron Danavoss, another Gemini founder, said that the Federal Reserve's policy of increasing the amount of money circulating to save the banking system provided reasons for the public to raise Bitcoin.

"The US government is doing a great job of preventing the banking crisis. It's almost as great as the work they did when they started",VIlvoss was quoted as saying by DailyHodl. "The Fed has just given everyone 300 billion US dollars (equivalent to IDR 4.6 quadrillion) more reasons to buy Bitcoin."

In response to this situation, several financial experts say that the banking crisis has raised new needs, namely the need to have access to a fairer and more open financial system. Since its launch in 2009, Bitcoin has emerged as an alternative to conventional financial systems and supports equitable wealth through wider access to financial instruments.

RegardingVIOLvoss' statement, some people think that the banking system in the US is not really evenly distributed. Major banks are too profitable and protected by the US government. Small banks and lower middle class people are actually victims of this unfair banking policy.

VIvoss' statement also raises questions about the need to have new alternatives in terms of money storage and use. It also shows that challenges in the global financial system cannot only be solved by the government or the financial industry itself. A new alternative, such as cryptocurrencies, can be a solution for people who are looking for a fairer and more open way of transacting and accessing global financial systems.