Thought of the week from ODELL:
In the wake of FTX, it seems obvious that the price of bitcoin has been suppressed by fractional reserve exchanges selling bitcoin they do not actually own. As long as people continue to withdraw bitcoin to their own wallets any entities playing these games will get rekt eventually. The absolute scarcity of bitcoin combined with the fractional reserve games played by major banks, exchanges, and 'stablecoins,' in a macro environment primed for major currency inflation, means every person on this planet is unintentionally short bitcoin. At some point this will become a reality, nobody knows when, but we must remain humble enough to assume it will happen when we all least expect it.