Jasmine
VIP Contributor
On May 11, Bitcoin plunged to its lowest level since 2020. Coinbase, one of the biggest crypto exchange companies lost its value, even warned the users that the company might go bankrupt. Stable coins that were always pegged at $1 value and were thought to a stable means of exchange collapsed. More than $300 billion was wiped out from the market. Is this something to worry about?
Well, crypto has a future behind the corporate walls, where there is decentralization, self governance, and financial security. Sadly, when crypto went deep down, the people who were hardest hit were the common people who had high hopes and dreams but no financial education.
The sharp fall of the crypto tells us that the value of money is what people actually believe in. Trust in fiat currency is because government guarantees.
Who do you think benefited from this market crash? Well, it is the government that benefited, after it was able to secure its monopoly.
Well, crypto has a future behind the corporate walls, where there is decentralization, self governance, and financial security. Sadly, when crypto went deep down, the people who were hardest hit were the common people who had high hopes and dreams but no financial education.
The sharp fall of the crypto tells us that the value of money is what people actually believe in. Trust in fiat currency is because government guarantees.
Who do you think benefited from this market crash? Well, it is the government that benefited, after it was able to secure its monopoly.