I noticed just from over the last 6 months that the general public does not hail crypto as the universally acceptable wise investment like it did just a year ago. When bubbles pop it seems that people go silent. I think about all the money people must have lost in cryptocurrency and weirdly, it baffles me that I cannot hear the screams and sobs. I guess I feel like I should.
Modern Gold Rush
People invested their livelihoods, retirement and maybe their first and only set of investment dollars in Bitcoin, Ethereum, Tether and any of the other thousands of new and improved coins created for the public. The only winner was the exchange and the founders of the coins; maybe the occasional lucky trader that made precisely the right move (buy/sell) at the right time. But you can also get lucky in a casino…
Crypto is not an investment. I can’t believe this is such a controversial statement. Assets are fundamental to investments. Aside from Bitcoin (I will not dive into this here), there is no asset. There is nothing. People are literally paying something for nothing. The only thing driving the price was demand for crypto during the inflationary time of recent years. But when things shifted – rising costs, tighter spending, major investment losses, etc. – people will want to stop paying something for nothing. And that’s what they did. That is why Voyager failed, FTX and its founder is in major trouble, Bitcoin crashed and Coinbase has lost half of its stock value in just a few months. There is possibly more fallout to come.
Please invest wisely.
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Rodney Robinson II