The Institutional Risk Analyst

When Bitcoin was first introduced in 2009, the token and the accompanying blockchain technology was heralded as a new means of exchange and proliferated without much encouragement. It was billed as a replacement for depreciating fiat currencies and the financial system that facilitates the legal tender monopoly of most governments. But instead of being a stable means of exchange and thus an alternative to an ever depreciating fiat dollar, Bitcoin became a vastly profitable sp

Like the Crisis of 1907, when JPMorgan (NYSE:JPM) had to rescue the trust banks at the behest of President Teddy Roosevelt, the investment banks in 2008 were abandoned by the markets. Lacking stable funding in the form of core deposits, the non-banks failed in droves, starting in 2007 with New Century Financial, once among the largest issuers of subprime mortgages.