How Are Cryptocurrencies Analogy To Online Gambling?

• Recently, Sebastian Mallaby compares cryptocurrencies to gambling.
• According to Mallaby, cryptocurrencies cannot change the investing field.

The English journalist and author Sebastian Mallaby has specific views about cryptocurrency trading. In a recent interview with CNBC, he compares cryptocurrency to gambling. According to Mallaby, Gambling is a big business, where players bet on various tokens. It does not have any significance outside of the token world, but that may still be valuable. Cryptocurrencies are like the online version of gambling.

He declared:

“Even if you are gambling with crypto, what we have seen over the last few months is that it’s really hard to get your money back. If it’s a system for gambling that people find attractive gambling or they go to a regular casino in Las Vegas. They exchange their dollars for some kind of casino chips.”

Crypto Adoption Amid Contradictions

Sebastian Mallaby is not a supporter of cryptocurrencies. In many open discussions and in his writings, he expressed his disagreement about digital assets. In an interview held in February, he expressed that cryptocurrencies will never change the investing field in any manner. The world of many crypto coins and tokens contradicts the basic features of money, as per Mallaby. 

Apart from Sebastian Mallaby, some prominent economists are also coming out against cryptocurrencies. Even though, more countries and authorities are now adopting crypto even in the bearish condition of the global crypto market. In a recent study, Russia, Ukraine, and Venezuela ranked in top cryptocurrency adoption. The report also states that the cryptocurrency ecosystem has expanded around 2,300% between September 2019 and June 2021. Currently, more countries are transforming into crypto-friendly ecosystems, even in the African continent.