Don’t forget that SBF was selling users’ BTC to suppress the price, and the debt was valued at the bear market’s low point. Although SBF’s external investments had significant returns, whether those profits would ultimately be used to fill the hole or continue gambling is hard to say. If the bubble never burst, would SBF have truly realized the massive mistakes he made? It’s like people who love holding onto losing positions—after surviving multiple times, most of them don’t think holding on is a mistake. Only when they get liquidated and hit zero do they realize it was wrong. SBF is just a gambler, and gamblers only stop when they’ve lost everything. It’s undeniable that SBF had a good eye for investments. If he were still around, he might have brought more new things to the crypto space, but at the same time, he might have dug a hole several times bigger than before.