SAN FRANCISCO — For once, the crisis didn’t seem to revolve around a cryptocurrency company.
The sudden collapse of Silicon Valley Bank on Friday set off panic across the technology industry. But crypto executives and investors — who have endured a year of nearly constant upheaval — seized on the moment to preach and scold.
Centralized banking was to blame, the crypto advocates said. Their vision of an alternate financial system, unmoored from big banks and other gatekeepers, was better. They argued that government regulators that recently cracked down on crypto firms had sown the seeds of the bank’s implosion.
“Fiat is fragile,” wrote bitcoin advocate Erik Voorhees, using a