As we gear up for what promises to be a spectacular bear market ahead, many bullish factors are lining up. But there’s one 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 and highlighted one of the big 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 a champion of altruism. As it turns out, he was anything but. Billions of user funds were lost in the fallout. 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, with reimbursements set to happen within two months of this date.
Which would make it the end of 2024.
What an incredible boost for the crypto market and the timing couldn’t be better!
The injection of $16 billion back into the hands of native crypto users is expected to have a significant impact. Experts predict a substantial portion of this money will flow back into the crypto market. After all, Bitcoin was sitting at around US$16k when FTX collapsed. It’s now hovering around the $60k mark, and expected to climb much, much higher.
So, what does this mean for investors? The answer seems clear: a potential flood of capital back into a familiar and now booming market. This period also aligns with the upcoming US presidential election, and a pro-crypto administration could provide even more fuel to this market’s fire. Historically, the crypto market has seen rallies following elections, adding yet another layer of optimism to the mix.
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 spoken about.
Is this the closest thing to knowing what’s coming?
And, more importantly, are you ready?
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