Quebec’s Crypto Obsession
Crypto’s reigning master-of-the-universe, multi-billionaire, exchange founder, and thirty year-old, Sam Bankman-Fried, has come to the rescue of the crypto marketplace, through key acquisitions and delivery of liquidity. This rescue occurs amid a cooling in the crypto space, which observers have coined as “Crypto Winter”. Issuing a sophisticated update, Bankman-Fried remarked that “Crypto Winter is ending, but only if the economy doesn’t endure further large external shocks that tanked stock and crypto prices in the first place”.
Since 2021’s rally, market observers have created a laundry list of crypto failures, seeing the total market cap fall from $3 trillion (USD; Nov. 2021), now to $1.1 trillion. This saw crypto companies laying-off thousands of workers, as fear drove investor outflows. But in addition to firm failures, who else is negatively impacted? Looking at the flow of institutional funding, the province of Quebec offers a cautionary tale of impact.
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CDPQ HAHA. That's what happens when half of your private placement branch is filled by diversity hires lol. "We don't understand shit about the business but we are seeing everybody getting rich on crypto and we want to be part of it." Chasing at its finest.
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