Friday, May 13, 2022
Cryptocurrency holders have believed in the value of their coins and invested heavily. They are taking a beating in the market. Far from being stable, the coins have proven to be a risky asset. That doesn't stop loyal adherents who are nursing losses. They will continue to buy and expect the market to return to a more normal state. Maybe it will: Maybe it won't. There is no way of knowing. The future of cryptocurrency is murky because it depends on the power of believers to keep prices stable. There is no government backing of the currency nor hard assets to sustain value. Cryptocurrency is secular religion.