Money Matters
THE DEATH OF CRYPTO
By MARY LYNNE DAHL , Certified Financial Planner ™
Retired
December 04, 2022
Sunday
|
Mary Lynn Dahl |
(SitNews) Ketchikan, Alaska – Cyber money, or crypto, as it is more commonly called, has finally fallen from grace. It is no longer the darling of daring and innovative geniuses whose techno expertise wowed Silicon Valley venture capitalists and greed motivated investors alike. In November of last year, crypto skyrocketed to a value of almost 3 trillion dollars and has now crashed to a low of a little more than 800 billion dollars. That is 2 billion, 200 million dollars that has vanished into thin air in less than a year. Where did that much money disappear to? For more than a million investors and dozens of crypto trading firms, that money is gone for good.
In August of this year, I wrote an article for Sitnews titled “Is Now the Time to Invest in Cyber Currencies?” If you read it (see Sitnews August 2022 archives) you may recall that the answer was no, that was not the time to invest in cyber currencies/crypto. If fact, the time to invest in crypto is never. Crypto currencies are nothing more than a complex, high-tech way to gamble. They appeal to greed, first and foremost. They also appeal to…
