Here’s What Will Happen to Bitcoin by the End of the Year
In the past, this has already happened
At the time I write this, Bitcoin is already below US$15,700.
Why?
Because the market is afraid of the risk of further contagion from the FTX collapse. Mainly because more crypto exchanges are refusing to publish their financial reserves.
Most importantly here, it is Genesis that is giving Bitcoin bros the most fear. Because the company needs cash urgently, otherwise it will be another crisis at the wrong time.
Wrong time because Genesis is the favorite crypto company of institutional investors.
If it falls everybody falls
That will cause Bitcoin to be below $10,000. Again. Just like in the past.
Genesis is the entry ramp for institutional investors into the crypto space. While people like us deposit their coins on exchanges like Coinbase and Kraken, large investors buy from suitable brokerages like Genesis.
Because Genesis has customized services, such as over-the-counter (OTC) custody. Genesis is the only full-service crypto brokerage. Read that again.
This crypto company plays a crucial role in enabling access for large institutions…
