https://on.ft.com/3wfLyKJ via @FT
(access may be behind a firewall)
It's interesting to see how the FT discusses crypto - the above recent article on crypto billionaire Sam Bankman-Fried is no exception.
It's basically a cynical take-down of a guy that's worth $24bn - but only in the form of 'paper' wealth, which the FT repeats again and again...
It's like they can't understand a new asset class.
There's the common assumption that it's all a "ponzi" scheme - and, yes, this is the question that they always start with in the FT for crypto and there's no difference here. They're straight into it!
Quick to ask how much of the crypto market is made up of "worthless" coins, SBF estimates that around 80% is worthless or, on the flip side, around 50-100 coins have some value.
Feels about right...
Despite his philanthropic activities, the FT cuts across with the comment:
"As politely as I can, I point out that his lifestyle — one night at Albany starts from around $3,000 — is still vastly more luxurious than most people who live in Nassau, let alone the world."
There's clearly a long way to go before crypto is fully accepted by the financial media establishment... 🤔