When you’re right, you’re right:
The amount of utopian bullshit and fake promises on a technology that doesn’t really work as anything but a speculative bubble and money laundering device should be a big red flag. Crypto is a movement based on the theory that the existing nation-state is a system rigged by billionaires, and the right response is to create a different and more corrupt order rigged by different billionaires, money launderers, and dictators. It will of course all end in tears, ironically when the Fed ends its monetary stimulus creating bubbles across the economy. That much we know. But how much ruin this movement engenders will depend on whether and how quickly we can restore the legitimacy of our existing governing systems.
Thus wrote Matt Stoller a little over a year ago. I quoted this in a blog post almost a year ago and it came to pass. It’s definitely ended in tears for speculators in FTX. It also looks like Bitcoin is strongly correlated with tech stocks which are getting beat down by the Fed rate hikes. Again, when you’re right, you’re right.