These past several weeks have been near-apocalyptic for the cryptomarkets. In 24 hours, the market capitalization for cryptocurrencies fell by 12%, dropping from $1.1 trillion to $970 billion. We’ve seen some stablecoins — cryptocurrencies that are supposedly secured by other assets to decrease price volatility — fail catastrophically, defaulting appallingly on their promise to maintain a fixed value. The price of Bitcoin slid to $20,000, down almost 70% from its former high of $66,000 last year. Celsius, a major cryptocurrency lending firm, halted transactions and is seemingly preparing for bankruptcy. And Coinbase is laying off 1,100 employees from its crypto exchange.
Things are bad. Assessing the cause of the digital-asset bubble, Bill Gates skeptically concluded that it has been “100% based on greater fool theory,” an idea that investors can profit from worthless assets so long as people will bid them higher. That appraisal may be true to an extent, but we need to be very...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...