Cryptocurrencies only seem to ¡°work¡± when prices are going up. On the way down, nothing functions as it should ¡ª a trait common to Ponzi schemes throughout history.
In the current market carnage, the exchanges that have promoted digital currencies have a lot to answer for.
Bitcoin, supposedly a store of value and inflation hedge in the eyes of luminaries such as Jack Dorsey or El Salvador¡¯s Nayib Bukele, is failing at both. It¡¯s down about 56% in six months as investors dump it for the traditional fiat money that crypto was supposed to disrupt.
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