Billionaire and famous investment icon Warren Buffet warned that more bank failures could happen in the near future.
Even so, depositors do not need to worry because even if the banking sector collapses, depositors will not lose their funds.
He said the bank manager's "stupid decision" shouldn't scare the American people into something they don't need to panic about.
Buffet even said that he was willing to bet that no depositor would lose money.
However, he cautioned that troubled bank shares are not valuable investments even though the government has acted to protect depositors.
The failure of Silicon Valley Bank (SVB) last month sparked panic in the banking sector, causing depositors to rush to withdraw their money from the bank.
Meanwhile, the Chairman of Berkshire Hathaway also criticized the bank for engaging in misleading accounting to increase their profits.
He also announced that he had sold certain bank shares after seeing signs of trouble in their earnings.
