Crypto Speculation Is All But Over
Cryptocurrency owners should be asking themselves whether their bitcoin, dogecoin and other tokens are safe. Hold them with the wrong broker or custodian, and they might vanish into an interminable bankruptcy proceeding, perhaps never to emerge.
The second question is closely linked: Have prices fallen enough to justify buying back in? There is no definitive answer, of course, since these are speculative assets with no basis for valuation.
But for both the remaining speculators and the true believers who think eventually we will all use a crypto financial system, it is worth thinking about how much investors are prepared for a systemic crisis.
For the rest of us, it’s amusing to watch from the sidelines.
James Mackintosh WSJ 22 November 2022
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