The banking drama continues…

According to Reuters, U.S. officials are in urgent talks to rescue First Republic Bank, as private-sector efforts have so far failed.

The Federal Deposit Insurance Corporation (FDIC), Treasury Department, and Federal Reserve are among the agencies working on a lifeline for the troubled bank.

First Republic is the nation’s 14th-largest commercial bank in the U.S.

Despite the rescue talks, its shares nosedived over 40% intraday Friday. They’re down more than 95% since January.

Investors aren’t the only ones who’ve ditched First Republic. Depositors are fleeing in droves, too.

The bank has seen more than $102 billion in deposit outflows so far this year. That’s nearly half of its total assets.

Where’s all that money going?

According to Daily editor Teeka Tiwari, a great deal of it is headed to bitcoin. After a brief pullback last week, it’s up nearly 7% this week.

That’s because – as Teeka says – bitcoin is becoming an escape hatch from the traditional financial system. As long as you self-custody your bitcoin, you’re essentially your own bank.

But Teeka believes an even bigger bank run is on the horizon. And it can start as early as June 1.

Thanks to his connections in the crypto space, Teeka’s obtained critical intel that a new banking regime is set to take effect June 1. This date has been set by the financial authorities involved in this new catalyst.

And he’s hosting an urgent online strategy session Tuesday, May 2, at 2 p.m. ET to give you all the details about it. You can click here to automatically reserve your spot.

He’ll also discuss three new coins he’s never recommended before. And even give away his entire crisis-proof portfolio during the session for free.

This portfolio of four assets should do well no matter what happens with the banking system. All you have to do is attend his event to get it. No strings attached.

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Regards,

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Chaka Ferguson
Editorial Director, Palm Beach Daily