Crypto, as an ecosystem, is going to be in a much worse state Monday than it is ... | by Patrick McKenzie

Patrick McKenzie

@patio11

20 days ago

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Crypto, as an ecosystem, is going to be in a much worse state Monday than it is popularly believed to be today.

The number of systemically important institutions which have failed is believed to be lower than is true, and the degree to which they have failed is underestimated, and contagion will not cause either of those situations to organically improve but rather do much the opposite.

More shoes will drop. More shoes *are dropping*, as I speak.

A shoe. t.co/4fwBsZjrTb (I would not describe a $200 million hedge fund as systemically important for crypto, for what it is worth.)

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