If it's not a bank and not state backed/insured, it might as well be crypto. With crypto, at least in cold storage, there is a lot less chance of losing your money and no chance of getting a dreaded 'your account was indefinitely suspended' from the 'AI' at Paypal. And having no recourse whatsoever.

Still, personally, I distribute over all kinds of banks (where I get E100k per bank when they fall, so I make sure I'm under that amount per bank) and assets so the fallout is minimal if something falls. Well, unless it's a 1929 event of course; then it remains to be seen what is left after. But then crypto is wiped out too; people gotta live, so they will mass sell off.