Crypto loses $500 billion in value - joins market crash Crypto agents said that its value could reach $200,000. But with the global market crash, its just at $50,000 vicinity.
One of the arguments for crypto is that it can be good substitute vs currency and as stable as gold and other precious metals. But in the stock market route, crypto joined the stocks in the crash. Perhaps, in the carry trade which is unravelling because of rise in Bank of Japan interest and rise in yen value, some of them were invested in crypto. Funds are probably ditching their crypto position.
So the conservatives; Dimon, Buffett SEC were right about crypto. My initial reaction to crypto is that it is not real. Probably drug and gambling lords use crypto for Money Laundering. You do not know where it is. The crash in crypto values were similar to 2022 when FTX fraud were discovered.
So be careful of investment of crypto. I had a classmate who worked at ADB. It was reported that she parlayed P500,000 to P14M but later on lost everything. How sad.
I remember the advice of olds - DO NOT INVEST IN ANYTHING YOU DO NOT FULLY UNDERSTAND.
I dont think this post undersand crypto well enough
