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BTC erases FTX losses in ~60 days
Watch out for people who thought the crash of a CEX would hurt BTC long term; these people are not educated on the protocol at all.If you’ve been here for a while then you and I know that plenty of CEXs have already collapsed and ultimately BTC is unaffected.
When FTX crashed, the uninformed used it as a platform to discredit BTC.I would almost dare to assume that anyone who had that mindset had no clue about Mt Gox in 2014, a CEX that supplied about 90% of Bitcoin to the market at that time.They went belly up and BTC basically did a 30x or something shortly afterwards.
Imagine what people would have said if FTX was responsible for 90% of the BTC access to the market.It would be claimed to go to zero more than it already does, when in reality, we know BTC would again be unaffected on a long timeline.
Now, 60 days later after “BTC is going to zero”, it regained nearly the same position it had before the FTX shit show.
Ironic? Not if you’ve been following BTC.
I’m going to say something cliche, but just about anything that people have thought would hurt or kill BTC has ultimately made stronger and increased peoples confidence in its durability and security.
FTX caused a self custody revolution.Honestly seemed to help more than it hurt 🤷♂️ now, exchanges have an all time low of BTC on hand.Scarcity happening right before our eyes.
The opposite: BTC would not be available for purchase online, and only the bravest would dare.
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