Absolutely - there are no bailouts in crypto.To add to what tecate wrote, there's another important point to note. No one will be diluting my bitcoin holding, or taking any of it to cover any losses related to Celsius. The issue is between Celsius and their customers.
In calling this a couple of years in advance of it happening, Long claimed that all it would serve to do is reinforce and strengthen Bitcoin. Many Celsius 'investors' are more likely to be pursuing casino coins than fully appreciating what Bitcoin brings to the table.But historically such events as Celsius have tended to matter little in the long run for bitcoin.
These types of products are available within DeFi on a non-custodial basis but they're not in any way user friendly yet. Either they will benefit if they get the product offering right and/or Bitcoin benefits as people learn that there's power in the asset being self custodied and additional yield isn't a risk worth taking.
The macro picture is wild. It would have been far easier to work out how Bitcoin plays out with the last 10 years macro. What we have in front of us right now makes the whole thing impossible to figure out (and Bitcoin is the least of it). Anyone interested in that would also be interested in Drukenmiller's interview that I linked to in the previous post.Off topic for this thread, but to me the far more interesting conversation to be had is about the macro picture - rising rates during a time of record government debt. June US inflation coming in at a new high of 8.6% despite the rate hike already, and people leaving stocks and bitcoin for a dollar that's losing that much to inflation. How long will people be happy to sit out in dollars? are we facing stagflation? will the government pressure the Fed to ease off as election time approaches?
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