Cryptocurrency values have been hit hard. The granddaddy of them all, Bitcoin, now sells for around $16,000, down from a high of $67,000 a year ago. FTX and its charismatic cofounder, Sam Bankman-Fried, were the darlings of the crypto world. The exchange quickly became a $30-billion entity: Now it’s in bankruptcy.
This episode of What’s Ahead lays out the basic problem of almost all cryptos: They’re not really money. Their volatility makes them speculative vehicles, not reliable instruments for commerce.
There is a class of cryptos that could develop into a genuine alternative to government currencies.
But it’s not there yet.
Source: https://www.forbes.com/sites/steveforbes/2022/11/17/ftx-sam-bankman-fried-and-the-basic-problem-of-cryptocurrencies/