Seoul shares open lower on recession woes
Korea HeraldJUL 2022
Let's step back and look at the big picture here: crypto is still an emerging asset class, much like tech was in recent decades. People mocked tech when the Nasdaq crashed during the dotcom tech bubble, but ten years later Nasdaq recovered, and Big Tech has reshaped the world - bringing enormous returns in the process. It's far too soon to dismiss crypto.
Bitcoin isn't the problem here. Algorithmic stablecoins are. The backers of these "pegged" cryptocurrencies are using their Bitcoin reserves to try and prop up their failing currencies just like so many emerging market countries selling off their gold to save their fiat. Bitcoin is an innocent bystander and, like gold, it will live to fight another day.
Bitcoin, like other so-called cryptocurrencies, is not an asset, a unit of exchange, or a commodity; it has no underlying value and is best described as a global, digital Ponzi scheme. Its sole function, it seems, is to transfer wealth and undermine the authority of governments over economic life.