I have, like so many others, been wrong about Bitcoin and crypto. But timing is not destination, and I believe one day there will be a rug-pull that will wipe trillions off the face of the crypto earth. This might happen when Bitcoin is $200,000 or $2 million, but it will happen.

For the uninitiated, a rug-pull is a coordinated effort by a concentrated group to sell their crypto holdings at a price they are content with, leaving the foolish masses with nothing but losses. It is transfer of wealth from a large to a small group. One recent and very visible example was the president’s and first lady’s meme coins.

Over $100 million was made by issuing premarket coins to insiders who captured the largest percentage of value, leading to an average investor wipeout. The coins now trade at a fraction of their issued value. Melania’s is now down 99 percent from its high. A total of 764,000 investors lost money.

Not to be daunted, the Trump family’s new company, World Liberty Financial, just started trading. Its share is in the billions, with no assets (just digital ones) outside the capital raised. Reports are that it has been hacked and is down........

© The Hill