Skip to main content

Crypto’s gold standard claims are fading fast | Nils Pratley

Bitcoin and its ilk have slipped deeper alongside the market appetite for risk. Just look at the Nasdaq

The US-focused shake-out in financial markets has at least given us clarity on one point: bitcoin is not “digital gold” or a “store of value”, to mention two grand claims made about the cryptocurrency when its price was going up.

At $37,000, the late-afternoon level on Tuesday, bitcoin has fallen by 22% since the start of January and by 45% since recording an all-time high in early November. The crypto crew may have convoluted explanations for this setback, but the simplest one is best: bitcoin has always primarily been an instrument for pure speculation; when high-risk assets are out of favour, it will be clobbered.

Continue reading...

from The Guardian https://ift.tt/3G12Nkr

Comments

Popular posts from this blog

Sky apologise for Scott Williams’ remark after darts win over German opponent

English player references ‘two world wars and one World Cup’ Williams beat Germany’s Martin Schindler 4-3 in third round Scott Williams has sparked controversy at the PDC world darts championship by referring to “two world wars and one World Cup” after his third-round victory over Germany’s Martin Schindler. Williams won a thrilling encounter by four sets to three as the tournament resumed at London’s Alexandra Palace after its Christmas break. The qualifier fought back from 2-0 and 3-2 down to win the deciding set amid a raucous atmosphere – but it was his post-match interview that caught wider attention. Continue reading... from The Guardian https://ift.tt/e2cVvgH