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Ross Gerber: Don’t Trust Bitcoin? ‘FDIC Is a F-ing Fantasy’

At today’s Ethereal Summit hosted by Decrypt, one of the biggest new entrants to Bitcoin investing and a veteran Bitcoin investor put their fingers on why some institutions and people have been slow to adopt cryptocurrency: It’s hard to break the dollar habit.
Ross Gerber, CEO of wealth management firm Gerber Kawasaki, which announced in March it would help clients buy and manage cryptocurrency via Gemini exchange, said the trust in the almighty dollar—and fear in crypto as risky—is misplaced. In his view, the Federal Deposit Insurance Corporation (FDIC), which insures customers’ holdings in traditional banks and credit unions, is weak.
“The FDIC went bankrupt in the financial crisis,” said Gerber. “The FDIC doesn’t exist. That’s a fucking fantasy. Rule number one: Any promise the US government makes is a fantasy. We don’t have any money, we have a trillion in debt. So with the banks gone or [if] JP Morgan goes under, FDIC covers 0% of it.”
Tesla Bull Ross Gerber’s Firm Adding Cr

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