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Can Bitcoin Crash Fiat?

FTX is allegedly to ‘bailout’ Blockfi because 3AC allegedly defaulted following speculations of Celsius bankruptcy after Luna’s collapse raised attempts on other non-stables like stETH.

This all sounds like a Lehman Brothers domino cascade, the systemic risk the likes of Janet Yellen have been talking about. Except bitcoin isn’t burned through defaults, like fiat. There is no systemic risk.