>it's based entirely on consumer confidence
Not typical consumers, right? Typical bank consumers have < $250k in their account, and thus there's no reason for them to cause a run.
Not typical consumers, right? Typical bank consumers have < $250k in their account, and thus there's no reason for them to cause a run.
Plus, even if the "typical" consumers don't freak out, businesses might. There are a lot of businesses with accounts over the FDIC limit. Only about 60% of bank deposits in the US are insured.
If the US government is unable to cover those claims then you have much bigger problems to worry about.
I doubt those VTI transactions are each of a single share, which is the only way the 3.67M number you cite would match VTI's trading history.
But nobody's mind was ever changed about Bitcoin on an HN comment thread, so let's just leave it at that.
Later the small customer may move that BTC to self-custody, which could be an on-chain transaction or LN or other side chain with more transaction capacity.