FTX’s Illiquid Holdings Filled With Tokens That Sit in Venture Funds in Which It Invested; Bitcoin Falls Below $21K

“In our view, crypto (and bitcoin in particular) has been somewhat misunderstood. It is not an inflation hedge, but more of a debasement hedge that protects holders from fiscal/monetary profligacy and policy error,” Jonah Van Bourg, global head of trading at Cumberland, told CoinDesk in a note. “Any risk of U.S. debt default is indeed a form of U.S. dollar debasement and/or policy error, and the increased demand we’re seeing (expressed in higher crypto prices) is this use case bearing itself out.”

Source: https://www.coindesk.com/markets/2023/01/19/first-mover-asia-ftxs-illiquid-holdings-filled-with-tokens-that-sit-in-venture-funds-in-which-it-invested-bitcoin-falls-below-21k/?utm_medium=referral&utm_source=rss&utm_campaign=headlines