So, the market’s been a bit crazy today. First, PMI (the thing that tracks how well the manufacturing sector is doing) went up, which means the economy’s getting some extra cash flow. But, housing sales are dropping, which is a sign people aren’t buying homes as much. And inflation? Looks like it might be creeping up because of that. There’s definitely money flowing in somewhere, but it’s not all from real growth. So, the economy feels kinda like it’s being propped up right now. Now, here’s where it gets interesting. On Friday, there was a quick spike in the market, but that was probably just a blip because it was right before the weekend.
Ben Zhou: Bybit is Solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss.
And then Bybit—one of the big crypto exchanges—got hacked. But here’s the thing, hacks like this happen all the time. It’s kinda like a test to see if the company will step up and fix it. Bybit’s CEO even came out saying, “We’ve got it covered. All your assets are still safe with us.” So, it’s not the end of the world, but it’s a reminder that you have to trust the exchange you’re using.
The bigger picture? Hacks are pretty normal in crypto. What matters is whether the company takes responsibility and fixes it. A solid exchange is one that’s been hacked before and came back stronger. But what you really need to focus on is LEGALITY. If an exchange gets hit with a big fine, that could be just as bad as it being a scam.
And then there’s this whole idea that Bitcoin is a hedge against inflation. Think of it this way: imagine you and I each have 100 million in cash. If the bank prints more money and suddenly there’s 350 million in the bank, that money loses value. This is why things like gold and Bitcoin go up in price—they’re protecting us from the value of money going down.
A lot of people think that Bitcoin goes up just because it’s being bought more. But it actually goes up because it’s a hedge against inflation. It’s like how my dad always talks about how the house he bought for 200 million is now worth 2 billion. It’s not because the house has changed, but because the money has lost value.
Bitcoin is being driven up because it’s protecting against inflation, especially as currencies like the Yuan are losing value. China’s economy is massive, and when their currency inflates, it pushes more people towards Bitcoin.
To sum it up: Bitcoin is a response to inflation, not just something that goes up because people are buying it. And as long as inflation keeps creeping up, whether it’s in the U.S. or China, Bitcoin’s price will likely keep climbing too. So, even if things look unstable, Bitcoin’s got a solid role in this whole mess.
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