In this week’s newsletter: Crypto giant Celsius is freezing out users as it tries to solve a mammoth lending crisis. So what happens if money in the bank isn’t really there?
If you have a $1,000 balance at Celsius – the crypto bank that froze withdrawals last week, triggering the latest phase of the crisis in the sector – how much money do you have?
The answer seems clear: you have $1,000. You can withdraw that money and spend it as you see fit. Of course, it may be invested in some esoteric cryptocurrency with a fluctuating value, and you may have to pay a fee to turn your $1,000 of play money into cold, hard cash, but you can treat your balance as something like money in your pocket.
