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Consider the failure of the FTX exchange—anyone holding Bitcoins in their private wallets was unaffected, always having the option to convert their Bitcoins to fiat through other exchanges, such as Binance or Coinbase. Contrast this with the recent collapses of First Republic Bank and Silicon Valley Bank. Here, but for the grace of Janet Yellen, anyone holding over $250K in an account faced the risk of losing their money.