Greyerz – $32 Billion Implosion Of FTX May Usher In Collapse Of The Entire Global Financial System

Today the man who has become legendary for his predictions on QE and historic moves in currencies and metals warned King World News that the $32 billion collapse of crypto exchange FTX may usher in a collapse of the entire global financial system.

Each week Egon von Greyerz articles are published first on King World News

November (King World News) – Egon von Greyerz, Managing Partner at Matterhorn Asset Management:  Is the $32 billion collapse of the crypto exchange FTX the catalyst for the fall of the financial system?

We will soon know but at least the GOLD – CRYPTO debate was settled last week for the ones who believed crypts represented wealth preservation.

I have always argued that cryptos are a binary investment. 

My view on Bitcoin has for years been that it can go to either $1 million or to zero.

So not a good risk and certainly not an investment for the fainthearted or for widows and orphans.

Not that I ever thought Bitcoin is worth $1 million or anything at all for that matter. But manias always go to excesses before they collapse.

Again we have learnt that cryptos are a lottery ticket. It can be worth a lot or nothing.

What was worth $24 billion a week ago is today worth ZERO, ZILCH, NADA!…

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Not long ago, FTX, the ex second largest crypto exchange, was worth $32 billion but declined to $24b and now zero.

Ouch, that must hurt for all the investors who piled in to this Ponzi scheme. 

And it is not just any investor, names like Blackrock, Lightspeed Venture, Brevan Howard, Tiger Global, SoftBank and many more were major investors. 

Most of the bigger investors are Venture Capital or Hedge Funds so they understand the risk.

It is amazing how greed and FOMO (Fear Of Missing Out) can attract almost everybody from Presidents to sport stars. See Blair and Clinton below.

But sadly greed and FOMO also attract normal investors as well as greedy pension funds managers. For example the Ontario Teachers’ Pension Plan are investors. 

It is clearly totally unacceptable that pension funds should risk pensioners’ nest egg by investing in a Ponzi scheme with no assets, no real financials and just some unverifiable electronic entries on a number of computers.

Because so many recognized bigger investors jumped on the cryptowagon, pension funds clearly thought that this was a mainstream investment and therefore acceptable.…..more here

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