Fri Oct 10 22:50:00 UTC 2025: Here’s a summary of the text and a news article rewrite:

**Summary:**

The author, Jonathan Russo, expresses his revised view on Bitcoin and cryptocurrency, now predicting an inevitable “rug-pull” event that will erase trillions in value. He points to examples like meme coins associated with public figures, crypto treasury stocks, and other instances where insiders (“whales”) profit at the expense of average investors. Russo criticizes the lack of intrinsic value in many cryptocurrencies, the prevalence of fraud and theft, and the speculative nature of the market, particularly with institutions offering leveraged instruments. He fears the transfer of wealth from older generations into crypto will lead to significant losses. He views crypto as a casino and predicts a future “crypto depression” that will prompt calls for a bailout.

**News Article:**

**Crypto Critic Warns of Imminent “Rug-Pull” Event, Predicting Trillions in Losses**

**Washington D.C.** – In a stark warning to investors, economist Jonathan Russo predicts a catastrophic “rug-pull” is coming to the cryptocurrency market, potentially wiping out trillions of dollars. Russo, writing for The Hill, admitted his past optimism regarding crypto was misplaced, now believing a coordinated sell-off by large crypto holders (known as “whales”) is inevitable, leaving average investors with significant losses.

Russo cites examples of meme coins, including those associated with prominent political figures, as evidence of insiders profiting at the expense of the masses. He also points to the recent surge and subsequent crash of “crypto treasury stocks” as mirroring the dot-com bubble of the late 1990s.

“Whales decide when to pull the rug,” Russo writes, highlighting the inherent power imbalance in the crypto market. He notes the proliferation of “dead” cryptocurrencies since 2021, questioning the fundamental value of many digital assets.

Russo criticizes the lack of traditional financial metrics to evaluate crypto, arguing it exists in a “fiat world of valuations.” He highlights the prevalence of fraud and theft in the crypto space, referencing high-profile cases like Sam Bankman-Fried of FTX and Do Kwon of Terraform Labs. He also takes aim at Wall Street institutions for creating increasingly complex and risky leveraged crypto investment products.

He fears the transfer of wealth from older generations into the crypto market will lead to substantial losses for those inheriting the assets. Russo concludes with a grim prediction of a future “crypto depression,” warning investors to be wary of the inherent risks and speculative nature of the market.

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