As his industry faces a crisis, business writer Michael Hiltzik says cryptocurrency has no legitimate value in the real world and must be eradicated.
What we call the “crypto party” should never have started. Because in this party nothing is sold or promoted that is basically worth anything.
They presented cryptocurrencies as an alternative to government control – they said these currencies could not be manipulated. But these currencies also cannot be protected, audited or tracked.
Now there is more enthusiasm for cryptocurrencies than ever before. They become “mainstream”.
Small, not so well-informed investors were attracted. And they are the ones who are being burned in this collapse. They bought at very high prices, and they are now dealing at very low prices. Some of them lost their savings.
I am angry with our regulators for letting this happen. I’m mad at the promoters for knowingly sucking people in. But I’m also angry at the people who got sucked in, because they should have been more careful with their assets.
Business columnist Michael Hiltzik explains why he thinks the cryptocurrency market is nothing more than a rat hole where people can lose money.
The opinions expressed in this article are those of the author and do not necessarily reflect the editorial position of Al Jazeera.