I’ve spoken a lot about the bullish factors that are in the pipeline, but today I want to look at an event that many haven’t factored in: The FTX distributions.
You may recall that FTX was a huge global crypto exchange that collapsed in November 2022. It was a capitulation event that sent a shockwave through the community at the time. The collapse highlighted one of the biggest problems with centralised entities – placing your trust in a middleman to transact.
The exchange’s founder, Sam Bankman-Fried, was once hailed as a hero and an altruistic good guy. As it turns out, he was anything but. The collapse saw billions lost, and now, those customers are about to be compensated.
But here’s where it gets interesting…
The distributions are being made in cash.
More than $16 billion dollars’ worth.
Right as the bull market is set to take off.
The ruling judgment is planned for early October, and reimbursements will take place within two months of this date.
Which would make it the end of 2024.
Talk about stars aligning!
What an incredible boost for the crypto market and the timing couldn’t be better.
Experts predict that a significant portion of this money will flow back into the crypto market, and I tend to agree. Bitcoin was priced at approximately US$16k when FTX collapsed. It’s now hovering around the $60k mark, and expected to climb much, much higher.
So will investors inject capital back into a familiar market just as it’s set to soar?
It certainly looks like it.
Let’s not forget that this aligns beautifully with the US election, so we could be looking at an openly pro-crypto President by then. And historically, crypto has always rallied after an election, which means the bull market just got even more exciting!
The FTX distributions represent an additional bullish factor with incredible timing. When you combine it with all the other factors slotting into place, this is shaping up to be everything we’ve been speaking about.
Is this the closest thing to knowing what’s coming and, more importantly, are you ready?
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