report came out about the problems with his hedge fund. there was a big run on ftx, other exchanges have also been seeing outflows, some exchanges have been seeing inflows, but i do think there is a general feeling that people are taking money out of crypto in general, they are selling their bitcoin and converting it back into good old fashioned pounds and dollars and yen, so the price of those assets are pretty low right now. price of those assets are pretty low riaht now. . ., ., , right now. victoria, it is summsedly right now. victoria, it is summsedly a right now. victoria, it is supposedly a hedge - right now. victoria, it is - supposedly a hedge against inflation, crypto, except it is not. there are no regulations, it is speculation, one would presume after this that the american government is going to have to move in with regulation? going to have to move in with reuulation? ~ ~ ., , regulation? well, i think that is ma the regulation? well, i think that is may the good
-et a lack of money when people go to get their a lack of money when people go to get their assets back, and i think when get their assets back, and i think when you get their assets back, and i think when you reveal this kind of fraudulence scheming that obviously the government needs to step in with some the government needs to step in with some sort the government needs to step in with some sort of regulation. the good news some sort of regulation. the good news is some sort of regulation. the good news is my some sort of regulation. the good news is my understanding is that the market news is my understanding is that the market of news is my understanding is that the market of crypto is a little shy of $900 market of crypto is a little shy of $900 billion, which is a lot of money, $900 billion, which is a lot of money, but i mean, us securities are at 41 trillion money, but i mean, us securities are at 41 trillion so this is unlikely to he at 41 trillion so t
hundred million dollars, he raised about $1 billion in all in that kind of equity investment. and then there were about $16 billion of funds on the exchange, people trading crypto on the exchange, about 5 billion at that got taken out, and then he stopped all withdrawals, which i guess leaves about ten or $11 billion that we assume is mostly lost. , ~ ., billion that we assume is mostly lost, , ~ ., ., ~ lost. so, this week, we have taken out of circulation lost. so, this week, we have taken out of circulation one lost. so, this week, we have taken out of circulation one of lost. so, this week, we have taken out of circulation one of the - out of circulation one of the biggest companies in crypto, if we did that in the banking world, there would be a run on on the banks? where does this leave cryptocurrency out what are we seeing in the market? . , out what are we seeing in the market? ., , ., , out what are we seeing in the market? . , ., , ., market? there was a big run on ft
collapsed in such spectacular fashion? , , ., . i, ., , fashion? this is a crypto, things collapse in spectacular - fashion? this is a crypto, things collapse in spectacular fashion i collapse in spectacular fashion all the time, though this was bigger than most. basically, we don t know for sure but it looks like he had a hedge fund, the hedge fund lost billions of dollars, there are a lot of losses to go around in crypto because prices have come down a lot, he then used the money in his exchange ft exco customer money, to bail out the hedge fund, and then when that disappeared, there was nothing left for the customers and everything imploded so, in a sense, it was a giant ponzi scheme. but she wasn t paying off investors, he wasn t paying off investors, he wasn t paying off investors, he wasn t paying investors with high returns with money from new investors, he was just using are
google and facebook and all these companies, the way that all of us are using the internet for our benefit. the same is with bitcoin. block chain. where is the price of bitcoin now compared to its peak? and look at the crash. the bitcoin crypto market, the crypto market crashed to trillion dollars in may. i mean, this is pure speculation, where people are looking at technology and the hype without getting too what is it actually going to be used for? go back 20 years, we haven t learnt our lesson. tulips from amsterdam. felix, the one thing that occurred to me today when i was reading this story was el salvador. the president of el salvador. the president of el salvador invested a shed load of money in bitcoin, i don t think anybody knows exactly how much of the public finance he put into cryptocurrency but it has lost 21% of its value in two years.