The mood of the crypto world is often gauged by the squiggly green line representing the value of Bitcoin.
The price people are willing to pay for bitcoins is seen as a barometer for the health of the entire multi-trillion dollar crypto industry. And since the sentence was handed down today, the green line has barely moved.
The reason, I think, is that the SBF saga has already been priced in.
When he was arrested, that little green line took a dramatic dip and remained depressed for a while.
But then, inexplicably, Bitcoin steadily began to climb in value throughout 2023. And since the start of this year it has sky rocketed.
One bitcoin was worth about $16,000 when SBF was arrested. Coins are now worth more than $70,000 largely thanks to US financial giants investing hundreds of billions into Bitcoin.
In spite of the courthouse drama – the industry has never been in a stronger position.
Online, many crypto fans seem to be saying they were hoping for a tougher sentence. But they’re also happy he’s going behind bars for decades.
Finally they get to see the back of SBF who is seen as a bad apple making the industry look bad.
But of course, you’re never far from drama in crypto land. And soon we’ll be back in court for the trials of two more high profile tycoons who also saw their own downfall around the same time as SBF.
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