SBF, Bitcoin and the Power of Ponzi Thinking

In today’s edition of the Bloomberg Crypto newsletter, Chris Nagi caps a turbulent year with a meditation on crypto’s singular motivation:

Less than a year ago when this newsletter began, it was observed that explaining the motion of digital-currency markets is hard. "If you've tried, you know,'' went the lament. “There is no cohesive rationale to day-to-day moves in crypto.''