Blog: Bitcoin: Crypto’s Chainsaw Massacre Bloodies Digital Exchanges – Bloomberg

Cryptocurrencies only seem to “work” when prices are going up. On the way down, nothing functions as it should — a trait common to Ponzi schemes throughout history. In the current market carnage, the exchanges that have promoted digital currencies have a lot to answer for. 

Bitcoin, supposedly a store of value and inflation hedge in the eyes of luminaries such as Jack Dorsey or El Salvador’s Nayib Bukele, is failing at both. It’s down about 56% in six months as investors dump it for the traditional fiat money that crypto was supposed to disrupt.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s