Tuesday, June 14, 2022
True Believers
True believers in the value of bitcoins are facing reality with billions in losses. It turns out cryptocurrency is just another risky asset. One might pity those who fell for the influencers and marketers who hyped the concept of pure value, but it is hard to shed a tear. Investors knew or should have known the libration of mythical coins. They were warned by some of the most successful investors today, but they didn't listen. It became a herd effect with tens of thousands stampeding into the crypto market because they didn't want to lose out. Now, they have given away trillions in value. Maybe next time they will pay attention, but don't bet on it.
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