what's gonna be the ftx of this cycle?

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Wall Street.

IBIT.

Pick an ETF out of a hat

Not owning the paper bitcoin they bought.

I've got a bet on MSTR

unsure how mstr is set up, and if there's a chance of them blowing up

in any case, if that were to happen, it'd be a massive black swan event

The US Government

Some kind of "layer 2" horseshit.