Bitcoin (BTC)

Bybit CEO: I Buy a Lot of Bitcoin to Give Myself a Safety Net

In an April 23 interview with When Shift Happens, Bybit CEO Ben Zhou @benbybit said he is not good at investing and is better at creating and building, so most of his asset allocation is defensive.

He said the key to managing his personal wealth is not chasing aggressive returns, but making sure he has a fallback and does not have to worry about money if things go wrong. For that reason, he has bought a lot of Bitcoin and tends to hold it long term.

In his view, the strategy is simple: when Bitcoin falls to a relatively cheap level, he buys more.

IMO: Bitcoin would trade the same as Gold and the SPY if it didnt have 600 unregulated casinos able to manipulate its price at will. Once the off chain centralized casinos are removed the artificial volatility will be mitigated and natural supply and demand dynamics will prevail. The dollar prices of crypto are currently almost entirely determined by gamblers with little to no regulatory surveilance.

This is all in the hands of the regulators who turned a blind eye for the last 7 years as they wanted the asset class to be perceived as volatile (Choke Point + Gensler + Warren).
Meanwhile offshore casinos have extracted potentially trillions from retail gamblers using wash trading and centralized oracle price manipulation.

The HODLers of the spot asset however have not budged and have only accumulated more. Remember these leverage cascades produce discounts which HODLers eat up, this includes the new institutional HODLers (Treasury companies and Spot ETFs)

All eyes turn to the regulators and how they act t