Gemini Exchange co-founder Tyler Winklevoss described the US banking system as a modern-caste system where the people with the top banks are protected while the rest are exposed to risks.
In a March 17 Twitter thread, Winklevoss categorized US bank customers into those banked by the bulge bracket banks, regional banks, and unbanked banks.
The Bulge banks are the financial institutions the US government considers Systemically Important Financial Institutions (SIFIs); in other words, banks that are too big to fail.
Winklevoss noted that customers with uninsured deposits in these banks usually don’t have to worry because the government will almost always come to their aid.
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