Crypto Clowns Cope With Comeuppance As Crash Continues
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Crypto Clowns Cope With Comeuppance As Crash Continues
Have fun staying poor? I discuss Mashinsky and Saylor on my latest podcast.
On the latest episode of my podcast, I talk about Alex Mashinsky’s blowup at Celsius and the Fed’s recent 75 bps hike.
As a reminder, last week started off with the “Mashinsky Moment”, wherein Celsius suspended user withdrawals, essentially admitting it has collapsed. Since then, it has broken that Celsius is looking at bankruptcy options.
With bitcoin crashing, Celsius suspending withdrawals will likely only add serious volatility over the short term, in my opinion. I wrote about it this past week:
I also held a 1 1/2 hour long Twitter Spaces event with Peter Schiff about the news, which you can listen to for free at this link.
I also predicted that Celsius would result in more crypto carnage, and we have seen several crypto hedge funds and companies under pressure this week.
I had already laid out of the details of my thoughts on the 75 bps hike in this subscriber only note, which also laid out how I was positioning my portfolio and where I think the market is going to head:
For those that are not yet subscribers to my blog, I can offer you 50% off all annual plans if you choose to subscribe today:
Otherwise, you can listen to my latest podcast, “Our Bullshit Economy: On The Road Edition”, for free, right here:
Crypto Clowns Cope With Comeuppance As Crash Continues
We've got a wild 3 weeks coming up as the SEC has two major rulings on bitcoin spot ETF's and the greater market thrashes like a hippo in a mud bath as the quarter and 1st half of the year close. I'm comforted though, that Cathy Wood is expecting 50% compounded annual rate of return over the next 5 years (from CNBC and dripping with sarcasm here). Much better than my old account with Madoff Securities. Can't we get a better modern active manager than this?
Hubris is deadly. Stay humble.