Well, I guess we should have listened to Warren Buffett instead of Sam Bankman-Fried. First off, never trust a guy with a hyphenated name. Second, most of you have never heard of him anyway. Good for you.
For those of you who don’t know, Bankman-Fried is the young, moppy haired, black socks with shorts-wearing crypto billionaire. SBF, as he is known, is of course brilliant and a graduate of MIT, who went on to found FTX, the once popular and now bankrupt crypto exchange.
This will most likely not be a contagion and will stay within the nucleus of crypto.
Don’t expect federal bailouts this time. There is no mercy or public sentiment behind saving people who make stupid decisions. Just like they do with everything else, the press will run with their new favorite expression, “mea culpa.”
Read the rest of the story here:
The FTX Bankruptcy Could be the Death Knell for Crypto