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| Topic | The crypto bubble popped |
| DarkRoast 05/12/22 9:53:11 AM #178: | Jabodie posted... Who told you that? I'm not asking that sarcastically btw. https://www.bloomberg.com/news/articles/2022-05-09/bitcoin-washout-is-leaving-mom-and-pop-buyers-holding-the-bag Crypto fans have long argued that digital assets would hold up well during turbulent times. Many had said Bitcoin would prove to be a good inflation hedge thanks to its limited supply. It was also supposed to hold up better amid economic and geopolitical crises because its not tied to any government and has no centralized authority. Instead, digital-asset investors are suffering through an environment thats put a lot of risky assets through the wringer this year. The Federal Reserve and other central banks are raising interest rates to combat inflation just as the economic backdrop is softening. In this environment, Bitcoin, the largest digital asset by market value, has been cut in half since its November record. Its seen five straight weeks of declines and just one positive day out of the last 11 sessions, including Mondays. Cryptocurrencies are risk assets, said David Spika, president and chief investment officer of GuideStone Capital Management. This should be a good inflation hedge. Wrong. It is a speculative asset that is not going to perform well in an environment like this. --- Lenovo Legion 7 - Ryzen 5900HX, RTX 3080 16 GB (165W), 32 GB DDR4-3200 By Grabthar's hammer............... What a laptop. ... Copied to Clipboard! |
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