Uh-oh! Celsius files for bankruptcy. What's next?
- Writer Milk Man
- July 14, 2022
- •2 Min Read
GM. This is the Milk Road, the only crypto newsletter guaranteed to make you chuckle. If you don't chuckle - tell us and we'll make Billy do 10 pushups!
Here’s what’s cookin' today:
- Post-Inflation Day: What 9.1% inflation means
- Celsius files for bankruptcy. What now?
- CryptoPunks are soaring
- Meme of the day
That's not all.
Think of your money like a giant bowl of ice cream.
Inflation is like turning up the temperature and slowly causing your ice cream to melt.
It's a tricky one. Because if you had $100,000 in a bank account. You'll go look and see $100,000. It feels safe. It's still there.
But the $100,000 can't buy the same stuff it could last year. The number is the same, but the purchasing power has gone down. Like a cell phone battery that only lasts 4 hours even after a 'full charge'.
If inflation is 9.1%, you'd need your investments to be >12% pre-tax, just to maintain purchasing power. Gulp
IS CELSIUS FINALLY DOWN FOR THE COUNT?
Celsius has declared bankruptcy. (Shocker)
The good thing is it’s a Chapter 11 bankruptcy, which means they’re gonna continue to operate, restructure their business, and try to pay off their debts.
The bad thing is it doesn’t look like Celsius will be opening up withdrawals any time soon.
Some experts out there like Danny Talwar (head of tax at Koinly) think this could be Mt. Gox 2.0 - where customers may not see their money anytime soon.
Really sad, and will be a trustbuster for many people who are traumatized or scared off from crypto.
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CRYPTOPUNKS ARE SOARING
Punks are up big. Up 64% in the last 30 days.
Interesting. Stocks are down. Crypto is down. The overall NFT market is down...but the blue-chip NFT projects have been rallying.
Last 30d (in terms of ETH):
- CryptoPunks +64%
- Bored Apes +29%
- Moonbirds +61%
This is good news for The Milk Road - because we hold a CryptoPunk in our public portfolio. We're up a full 1 ETH right now. Drinks on us tonight! Everybody grab a straw, we're sharing a beer!
A Punk even sold for $2.6M yesterday. It was the 5th largest sale in history, and the 32nd rarest punk out of all 10,000.
The buyer now owns 24 punks. Well done.
QUESTION OF THE DAY
Vitalik's response: "I usually do literally say that."
And with that, a great debate has been started... What is the correct date format?
Vitalik says YYYY-MM-DD is the only way. He even speaks that way.
So we wanna know...What do you use and say?
Hit reply below to submit your response! We're gonna pick a few to send you a pack of Oreos (aka Milks best friend. and yes, it'll be the family size.
MEME OF THE DAY
That's all for today folks. See ya mañana!
Shaan "Chocolate Milk" Puri, Ben "2% Milk" Levy & Diego "El Lechero" Salinas
Inflation was "transitory", they said.
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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