The FTX Fallout: A Bull Run Distorted
The 2021 Bitcoin bull market was one for the record books, yet it fell short of the dizzying heights many anticipated. An analysis by Joe Burnett from Unchained suggests that FTX’s nefarious dealings may have thrown cold water on what could have been a $100,000 Bitcoin. Can you imagine the Bitcoin party that was supposed to be?
Testimony: The Missing Link
With the trial of Sam Bankman-Fried (SBF) unfolding, gripping testimony by Caroline Ellison, former CEO of Alameda Research, surfaced. She revealed SBF’s very casual request to sell Bitcoin whenever it breached the $20,000 mark. Nothing says trust issues like taking from your customers’ money to support your own schemes!
- Ellison’s notes read: “Keep selling BTC if over $20K.”
- Investors who wanted to see sky-high jumps were left bummed.
The Impact of SBF’s Schemes
According to Burnett, the rampant selling may have caused cryptocurrency enthusiasts to sob into their wallets, capable of pushing BTC to unimaginable heights. Had FTX not applied those fake sell pressures, Burnett posits that Bitcoin could’ve soared to stratospheric levels of $100,000. Talk about a party that didn’t happen!
Stock-to-Flow Predictions: Were They All for Naught?
Despite reaching an all-time high of $69,000, Bitcoin’s potential seemed infinitely larger. Stock-to-Flow, a popular Bitcoin price prediction model, set its sights on a target between $135,000-$288,000 during the challenging times. But alas, it also suffered a slight identity crisis concerning reality.
PlanB’s Predictions
PlanB remained optimistic, even when critics began popping up like pesky weeds in a garden. His price targets painted an even more surreal picture for Bitcoin:
- August: Over $47,000
- September: Over $43,000
- October: Over $63,000
- November: A whopping $98,000
- December: Near $135,000
Social Media Reactions: Hilarity or Tragedy?
Now, while Bitcoin enthusiasts are mourning lost fortunes, social media is buzzing with dark humor. Imagining alternate timelines where Sam becomes the president while Bitcoin skyrockets is pure genius. One user quipped about a world where “meat is illegal” and “the US annexes the Bahamas”—a wild ride indeed!
Ideas on SBF’s True Intentions
However, not everyone sees SBF as the villain in this unfortunate tale. Adam Back from Blockstream floated a different theory: rather than purposefully suppressing Bitcoin growth, maybe SBF was simply trying not to sell under the $20k mark. It’s a confusing narrative—and who doesn’t love some conspiracy to spice things up?
This rollercoaster ride of financial shenanigans reveals just how crazy the crypto space can be. As always, remember that with great investment power comes great responsibility (and risk). Conduct your own research before diving into this enticing yet tumultuous world of cryptocurrency!
