by Chris Black
All of it.
If the crypto exchanges actually had the assets to back up the supposed crypto they hold, they wouldn’t need to freeze withdrawals. In fact they should be in an extremely strong position, if they backed up the supposed holdings with dollars as they claim they did.
If they had to hold $100 billion to back up crypto holdings that dropped 50%, they should be sitting on loads of cash since that $100 billion only needs to back a fraction of the value cryptos held only two weeks ago.
Or is it that the exchanges don’t actually hold hard assets to back up the supposed value of the crypto.
Also that they rehypothecated crypto through multiple exchanges and accounts.
Millions of crypto investors were told they owned cryptocurrency, but instead just held an IOU.
Of course it is the same in the stock market.
Do you really think you own a slice of a share? If you pay $5 for a slice of Apple stock, you don’t own jack.
You own $5 worth of an ETF that trades based on a single stock.