Sigh, so many meltdowns this year.
Luna.
3AC.
Celcius.
Recently, Sam Bankman-Fried’s FTX and Caroline’s Alameda…
…which is giving Genesis a potential shakedown and even run for the money. They’d hired lawyers to restructure the business to prevent them from winding down, but man, I’m not holding my breath.
The real question is…
What if Genesis goes bankrupt?
This is the one that I’m worried about.
If this happens, we can expect BTC to dip waaaaaaaaay lower than it is today, around $16K+. Who knows, maybe below $10K? Who knows, maybe all the paperhands has already sold and exited, and diamondhands are here to hold.
Regardless, I feel
It’s a good thing
Seriously?
Yes.
All the bad actors MUST go.
All the bad and short-term decision makers MUST go.
It’s a little painful in the shake up, but once these bad actors and bad actresses go, crypto and blockchain can have the fair, transparent and open chance for it to develop properly, without bad practices.
I’m the founder and writer here at NigelChua.com; as well as serial entrepreneur, therapy business entrepreneur, digital entrepreneur, investor and also happy husband, father and Christian.
Started and sold off a business for 7-figures; built another 7-figure one and growing it further, plus building/investing into other businesses and investments as well as advisory works.
Nowadays I share and teach entrepreneurship, financial independence, retiring early as well as building and living a life you love.