2min chapter

Coin Stories with Natalie Brunell cover image

Eric Weiss: The Future of Crypto, Institutions vs Plebs and the Threats to Bitcoin

Coin Stories with Natalie Brunell

CHAPTER

Bitcoin Investment Group

FTX is basically offshore and they didn't even have Bitcoin. They were essentially selling paper promises that didn't even exist. What they did was if you had an account at FTX and you bought, say, 10 Bitcoin in your account, now you're, now you think you hold 10 Bitcoin, right? So there's 10 Bitcoin that's out of supply for the market. And then FTX said, well, we're just going to borrow the Bitcoin that's in your account. We'll return it to you later. Can you talk about what it takes to have a company like that?

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