Bloomberg Tax
May 15, 2023, 6:33 PM

Matt Levine’s Money Stuff: Crypto Had Its Bank Runs Too

Matt Levine

Crypto bank runs

One possibility is that fractional reserve banking is deeply rooted in human nature. People have money, they would like to keep it somewhere safe, they would like it to grow, they would like to be able to get it back at any time. Other people need money, they are willing to pay to borrow it, but they want it for a long time — they want to be able to use it to buy a house or build a business; they don’t want their lender to be able to demand the money back at any time. The savers ...

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