Silvergate - Swagger, Stagger, then Dagger
As I painstakingly tried to point out in my prior CMI post titled "You just need FTX!!", what we are seeing unfold across the digital "asset" landscape is not a function of how "stupid" the heretofore known as "smart money" is. The point is that even the "smartest investors in the room" (and they are!) fall prey to the hype. I've been in this business over 30 years, and every time I see it happen, I think "wow, that has to be the last time...there is no way that. . .