The Crash of Crypto’s Perpetual Wealth Machine
https://nymag.com/intelligencer/2022/05/the-crash-of-cryptos-perpetual-motion-machine.html
https://nymag.com/intelligencer/2022/05/the-crash-of-cryptos-perpetual-motion-machine.html
Bitcoin Is Increasingly Acting Like Just Another
Tech Stock
https://www.nytimes.com/2022/05/11/technology/bitcoin-price-crashing-stocks.html
https://www.nytimes.com/2022/05/11/technology/bitcoin-price-crashing-stocks.html
Cryptocurrencies Melt Down in a ‘Perfect Storm’ of
Fear and Panic
https://www.nytimes.com/2022/05/12/technology/cryptocurrencies-crash-bitcoin.html
https://www.nytimes.com/2022/05/12/technology/cryptocurrencies-crash-bitcoin.html
Turmoil and panic in crypto market as ‘stablecoin’
slump prompts wider collapse
Crypto’s plummet tests the durability of a
hype-driven industry
NFT scams, toxic ‘mines’ and lost life savings: the cryptocurrency dream is fading fast
https://www.theguardian.com/commentisfree/2022/may/12/nft-scams-mines-cryptocurrency-crypto-con
More Than $200 Billion Wiped Off Cryptocurrency Market in a Day
https://www.bloomberg.com/news/articles/2022-05-12/more-than-200-bilion-wiped-off-cryptocurrency-market-in-a-day
https://www.theguardian.com/commentisfree/2022/may/12/nft-scams-mines-cryptocurrency-crypto-con
https://www.bloomberg.com/news/articles/2022-05-12/more-than-200-bilion-wiped-off-cryptocurrency-market-in-a-day
My take from May 2021:
https://thehill.com/opinion/finance/554998-is-bitcoin-the-future-of-money
“If not the future of money, can we make a case for Bitcoin as digital gold? Proponents argue that since Bitcoin, by design, is limited to a maximum of 21 million units, it can act as a stable store of value. Given its short history and its intangible nature, it is unclear that Bitcoin offers a true alternative to traditional gold. Gold has a long history as a medium of exchange, and the yellow metal has impressive physical properties that have caused humans to value it highly for thousands of years. Even today, many societies widely use gold for jewelry and ceremonial purposes. Additionally, from a financial standpoint, Bitcoin is currently too correlated with risky assets to act as an effective inflation hedge”.
“If not the future of money, can we make a case for Bitcoin as digital gold? Proponents argue that since Bitcoin, by design, is limited to a maximum of 21 million units, it can act as a stable store of value. Given its short history and its intangible nature, it is unclear that Bitcoin offers a true alternative to traditional gold. Gold has a long history as a medium of exchange, and the yellow metal has impressive physical properties that have caused humans to value it highly for thousands of years. Even today, many societies widely use gold for jewelry and ceremonial purposes. Additionally, from a financial standpoint, Bitcoin is currently too correlated with risky assets to act as an effective inflation hedge”.
Related:
Have misguided policies led to recent asset bubbles
and boom-bust cycles?