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Crypto Is Dead, This Author Says

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Half-girlfriend writer Chetan Bhagat forecasts crypto is dead.

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Chetan Bhagat is an Indian fiction writer, columnist, and YouTuber who has made predictions for cryptocurrency.

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The Indian fiction writer claimed that FTX had collapsed last week in his TOI column, proving many cool guys wrong.

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He wrote that FTX and many other companies collapsed last week because of massive alleged irregularities. 

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These included customer deposits being improperly used to purchase FTT tokens.

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Bhagat said that many lose 80-90% within a year, and some have been completely wiped out. Crypto investors are currently sitting on losses.

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Crypto isn't dead, but it will be smaller due to FTX, Joe Lonsdale (founder of 8VC and cofounder of Palantir) said in an interview with CNBC.

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Other crypto experts predicted that the crypto market would not go down and that some bad news may temporarily affect crypto prices.

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According to the WSJ, Bitcoin is getting closer to $17,000 despite crypto lender BlockFi preparing to file for bankruptcy filing.

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