Vicky Ge Huang

speaker

80 appearances 2 recordings 1 series first heard Nov 2022 last heard Sep 2024

Vicky Ge Huang’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Bitcoin Plummeted When a Binance-FTX Deal Collapsed · 10 Nov 2022 podcast

One interpretation is that the market is not confident that Binance is going to close the deal.

It only signed a non-binding letter of intent.

So the crypto market is sort of thinking about what could happen if this deal doesn't close, because FTX itself is a pretty big cryptocurrency exchange.

And if it were not to be bailed out by Binance and allowed to fail, it could have a lot of

severe implications for the entire industry.

Like earlier failures of companies in the summer and the near collapse of FTX sort of illustrates the lack of stability in many crypto companies and the use of leverage, which likely played a role in the eventual sort of near demise of the company.

And for Bitcoin holders, the takeaway is that

you need to think about where to put your Bitcoin, especially when it comes to these exchanges.

You don't really have the private keys to your crypto.

There is this phrase in the crypto industry called not your keys, not your money.

So if you place your cryptocurrencies, your Bitcoin on a crypto exchange, you sort of have to consider the risk that you might not be able to get it back.

Yeah, crypto regulation has been a big topic that's sort of been front and center since the collapse of CryptoLander Celsius and Voyager and the hedge fund Three Arrows Capital earlier in the year.

There's a lot of different debates about the importance of regulation in the crypto space and how if there were regulations, this might have been avoided.

But I think in the case of FTX, the problem is that

Many crypto exchanges like FTX.com and Binance.com, they're not based in the US.

They're based offshore.

FTX is based in the Bahamas.

So there is a limit to how much US regulators can do.

But definitely, I think this recent event has caused regulators to inquire into how they can better protect consumers and avoid stuff like this from happening again.

Thank you so much, JR.

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