Stuart Varney on FTX collapse: The crypto world is in chaos
Critics discuss crypto regulation amid FTX collapse
Stuart Varney: The crypto world is in chaos
FOX Business host Stuart Varney argues 'very few' understood what they were getting into as the FTX crypto collapses causes millions to lose money.
During his latest "My Take," "Varney & Co." host Stuart Varney discusses FTX's bankruptcy filing as the company finds itself engulfed in controversy, arguing the cryptocurrency world is ‘in chaos.’
STUART VARNEY: Why did so many people put money into crypto? Very few understood exactly what they were getting into.
But when your neighbor is telling you how much money they're making, why not jump in?
I guess that’s FOMO... The fear of missing out. Get rich quick is attractive.
Unless you’re a member of the nerd brigade, Sam Bankman-Fried is not an attractive character. I guess when you're a multi-billionaire "wunderkind," it doesn't seem to matter.
FTX FOUNDER SAM BANKMAN-FRIED'S CRYPTO COLLAPSE APOLOGY
The Democrats missed the warning signs. He gave them money, lots of it, trying to buy political cover.
$10 million to Biden in 2020
$38 million to Democrats in the 2022 midterms.
Should they give that money back?
And why take money from anyone without checking exactly who it is? If they'd checked, they would have found an oddball character.
He lives in a "polycule." That’s a lot of people living under one roof, engaging in multiple "relationships."
FOX Business' Stuart Varney discusses the crypto collapse during his "My Take." (Fox News)
Sounds like a socialist commune to me. Ten pals in the Bahamas taking the world for a ride.
He admits to taking uppers and downers. He doesn't make eye contact.
He conducts Zoom meetings with other people in the same room.
And yet venture capitalists still flocked to worship in his "polycule" and handed over billions of dollars!
Looks like it’s all gone.
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The lawyers tell us that FTX's bankruptcy involves "more than one million creditors."
There's an awful lot of people who have lost their shirts.
There's an opportunity here: abandon the wild west, and embrace regulation, rules and respectability.
That’s the way out for the industry.
But right now, the crypto world is in chaos.
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