BlockFi filed for Chapter 11 and it looks like the entire company is going under and will be unraveled in court precedings for the months and years to come. This business acquired bad debt with 3AC but then their saving grace came through FTX.
Only, that saving grace came with a lot of stipulations. One being their fate tied to the fate of FTX. SBF acquired BlockFi's assets and got them to move them all to FTX.
Now that BlockFi has blown up, people are looking to the next dominoes to fall. Many thought it would be Coinbase or Binance next.
If one of those 2 behemoths blow up, things could get really ugly. A lot more ugly than they are right now.
Crypto is no stranger to blow-ups. While short-term pitfalls can happen, the long-term never changes. Crypto always recovers.
In this clip, Mitch and I give our hot takes about Coinbase and Binance potentially blowing up.
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