Savings and loan banking, and the risks associated with it, is a separate thing from the basis of the currency. If Bitcoin-as-a-currency ever develops to the po

Savings and loan banking, and the risks associated with it, is a separate thing from the basis of the currency. If Bitcoin-as-a-currency ever develops to the point that you can have a bitcoin-denominated savings account that earns interest, your bitcoin-denominated assets that you place into such an account will be just as susceptible to bank insolvency as any other kind of money you can deposit in a bank. That, and, I think you have the analogy backwards. It's not that nothing is held in reserve - that would be Tether ;) - it's that everything is held in reserve.