Patrick Shyu, former Google senior technical director, liquidates all crypto assets, says Bitcoin is finished

Odaily Odaily reports that Patrick Shyu announced in a YouTube video that he has sold all of his cryptocurrency holdings and suffered significant financial losses. Shyu stated that Bitcoin dropped 50% from its peak of $120,000 last October to just over $60,000 this summer, and due to excessive leverage, he was mentally unprepared for the downturn.

Patrick Shyu noted that current liquidity in the pool is far lower than in 2021, and pointed to Mt. Gox creditors receiving 35,000 Bitcoin and MicroStrategy holding 850,000 Bitcoin, suggesting there may not be enough liquidity for everyone to exit. Additionally, Shyu mentioned the threat of quantum computing and the economic sustainability of network security after block reward halving. However, at the end of the video, he stated that he remains bullish on the underlying technology in the long term and believes this video could signal a market bottom. (u.today)