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Bitcoin banks have been tried and failed, I should know the US department of Justice sent me victim notification emails about it for years.

Take it from someone who has operated in this space long enough to beware of interest rates on crypto, the money has to come from somewhere to cover the vig

Fractional reserve banking is the thing that is to be avoided and ultimately fails.

Ymmv. I am not a financial advisor blah blah

You’re not. The ToS for Gemini Earn states exactly that you risk losing your deposit.

You earn interest on top of the underlying appreciation. Doesn’t seem outdated to me.

As with anything in crypto, there is significant counterparty risk.