Was on a call with my friend today, been a long we talked because, we have been busy. I have been really busy from my end, so assumed he is also busy. I decided to call him because its been a while. I was shocked to hear that he lost his job. I know how much he loved his job, because it was a tech startup and it was a work from home job. When he told me he lost his job, I asked why, I know how much effort he put into his work so I know it won’t be because of its performance. Turns out his company had over $800k in Silicon Valley bank. Since the bank collapsed the company can’t afford to pay salalries and every other thing because they can’t access their money.
source
According to him he got the biggest awareness of his life because of how easy it was for the company to cut him off, making him feel less valued and disposable without regards to how he was going to survive. Well, its like and its the corporate world, the company is also looking out for itself, hence the reason they have to let him go because they coudnt afford to fund him. He just turned a liability from being an asset before the Silicon Valley collapse. Sadly this was a moment of reflection to hime and how he needed to have a different direction of life and how to earn. He suggested he wanted to go into crypto and make money from crypto. Of course I was there to teach him the value of crypto and its importance.
If his ex company had their asset in USDT or any reliable StableCoins stored in a cold wallet they won’t be in this position, but they made the mistake of putting their money in the bank. The banks take people’s money and lend it out, for more profit with the hope that more people will deposit money in the bank and every one won’t demand for all their money back all at once. Unfortunately, less people are leaving their money in banks, and saving it online digitally. Self Custody wallet is the best, you are responsible for your own assets. No one is lending out your money.