Did you hear?

A US court said FTX can sell up to $100 million worth of crypto each week for as long as they want. That crypto includes over $1 billion in SOL tokens, the tokens listed in the screenshots below, and tiny amounts of over 1,000 pre-sale and tiny altcoins.

Sounds bad but says nothing about the quality of those projects. If you have any of those tokens, check the size of FTX’s holdings against the daily traded volume and market cap as shown on CoinGecko. The larger FTX’s holdings are relative to market cap and volume, the more likely its selling will tamp down on the token’s price.

I’d be shocked if FTX sells these tokens on the open market. They already have brokers. You have to assume they’ll use those brokers, the deals will never appear on any order books, and everything will happen out of sight, without your knowledge, in relatively small batches over a long period of time.

While that adds selling pressure, we don’t know how much, when, or for how long. As such, you can’t plan for that. Just accept the situation.

I’d worry more about Binance. The US government says they’re a criminal enterprise and now also accuses them of lying to regulators and withholding key documents. Meanwhile, BinanceUS executives keep jumping ship.

As long as Binance stays upright, no worries. Bonus if Tether does, too.

People say we’re supposed to worry but we don’t know the nature of any charges or whether they matter for these entities’ actual operations. Look at all the crimes that banks have committed. They pay some fines, sometimes a few executives go to jail, and the market moves on. Tether’s already done that once and plenty of other entities have taken the same approach for serious, er, “lapses in judgment,” shall we say.

If you stayed away from crypto because of Binance or Tether, you’d have already missed out on years of growth.

Worry about the things you can control—your decisions! Hopefully, my September 13 update helped you do that.

Scroll down for some content you may enjoy.

Poll results

In last week’s poll, I asked what will Bitcoin's price be at the end of 2023—higher, lower, or about the same as today's price.

63% said higher. “Lower” and “about the same” basically tied for second place.

What do I think?

If history is our guide, Bitcoin’s price will end the year higher. So far, we’re following the path of history. Should circumstances change, we can re-evaluate.

(Pro tip: circumstances sometimes change!)

Tap this tweet for a must-watch speech from the Permissionless II conference.

A reminder of our best qualities and a rebuke of the financial elites attacking us to protect their closed systems of control.

Relax and enjoy the ride!