In late 2020, the bitcoin exchange rate began a meteoric rise. One hypothesis was that this steep rise was foreshadowing massive inflation ahead. It was, of course lambasted as ridiculous. Inflation was dead and everyone knew it.
Fast forward to 2022 and an inflationary spike is bearing down on the economy with its jaws wide open. It has taken central bankers everywhere by complete surprise.
Now the bitcoin exchange rate is collapsing. The article's take on "what this means" is something along the lines of a fool and his money are soon parted.
What the article never considers is the possibility that this collapse in exchange rate is the canary in the coalmine signaling that inflation is about to fall off a cliff. Money is being destroyed at rate that central bankers can't even fathom, at the same time they're raising short term interest rates and starting QT. This would have very ominous implications for the world economy if true.
The financial collapse starts with Bitcoin because it's the most highly-levered and least regulated market. It now feels the brunt of the global monetary ebb and flow first.
Only time will tell how accurate this interpretation is. But if it's true, there will be far more important things to worry about than the schadenfreude of scammers getting their comeuppance.