Hearing Michael Saylor breakdown the FTX scandal and collapse helped me to better understand just how diabolical and over the top this scheme was. If you are interested in understanding this, it’s a worthy 12 minutes of your time.

In my adult life, I have lived through three major bubbles that caused some pretty catastrophic economic damage:

The .com bubble in 2002/2003
The housing bubble in 2008
The Cryptocurrency bubble (2018 - 2021)

The common denominator in all of these is easily described as greed. Anytime any market heats up so incredibly fast, there will be bad actors that look to capitalize on the frenzy in the form of nefarious and illegal activity.

But in every bubble burst, there are winners that emerge. Everytime.

Why I still have lots of confidence in Bitcoin and Ethereum specifically, is that the most recent crash of the category as a whole has more to do with bad actors and greed than the fundamental macro economic reality of the instrument itself.

I don’t know what the recovery will actually look like, but I really am not concerned with the long term viability of these two blockchain based financial asset classes. I am not in it for the speculative market, but rather the long term cycles over the next decade or two.