Sunday, May 22, 2022

Crypto is Crashing, I'm Not Shocked

Back in December of 2017, I advised people to stay away from Bitcoin. In January of 2021, I still said Cryptocurrency was not a risk I'd take. In April of last year, I said how NFTs just befuddled me. Simply put, I've never trusted the idea of Crypto because the only thing giving it value was people believing it somehow had value. As James Surowiecki of The Atlantic discusses, that means it could all evaporate without warning, which it currently is doing. Stocks are suffering and we may be entering a recession, but what is happening in the stock market is nothing compared to the immense loss of, "Value," that Crytpo has had. Every single version of Crytpo seems to be melting down

Yes, even if you bought things cheap years ago you still have made a, "Profit," but tons of folks seem to have invested a lot of money that's now simply evaporated. I am not surprised Crytpo is crashing, but I do feel bad for those who were convinced by others it was a smart investment when it clearly was not. Will Cryptocurrencies recover at some point and this is just the market stabilizing, correcting, or whatever? Maybe, but at this rate I could see the whole thing going down in flames. NFTs really need to end too, that is something I would douse in gasoline to help the fire go even faster.

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