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 stayed 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 off 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.