Silvergate Bank 'Had to be Perfect' Due to the Industry They Were In: Strategist

Silvergate Bank is planning to wind down its operations, roughly a week after the crypto-friendly bank said it would have to delay filing its annual 10-K report due to questions from its auditors. Bianco Research, LLC President and Macro Strategist Jim Bianco weighs in on these developments. "Silvergate had to be perfect because of the industry they were in," Bianco said. "They weren't and they've paid a heavy price for it."