The Crypto Collapse Is In Its Early Days

The Crypto Collapse Is In Its Early Days

By academic Joe Fotalattee

Media outlets have a duty to their audience to be open and honest about the realities of the crypto Ponzi scheme.

Since reaching an all-time high last year, the most well-known and established cryptocurrency, Bitcoin, has declined by more than 70%.

Due to the demise of the FTX cryptocurrency exchange, cryptocurrencies suffered a significant loss. When FTX was at its peak, its founder was one of the ten youngest billionaires in the world. It has now dramatically destroyed investor wealth as it imploded into bankruptcy.

Crypto lacks any organizing structure or tangible products. Cryptocurrency demand had reached a fever pitch, perhaps evoking memories of the tulip bulb craze. That bubble is now bursting.

In the middle of the sixteenth century, Dutch tulip bulbs sold for six times the average person’s yearly salary. It seems unbelievable now that anyone would have paid that much for a single tulip bulb. But at the time, market speculators controlled the price, and tulips’ worth was determined more by sentiment and rumors than by the flowers themselves.

Better Investments:

• In Vietnam, savings accounts can produce 7%. It is insane to gamble with your hard-earned money when interest rates in savings accounts are as high as good investment returns.
• E-Wallets based on currency: The Golden Pocket of Momo offers 6% up to 100 million VND, and is linked to a real bank account.
•  Index funds on foreign stock markets
• Gold/Silver: precious metals do well in currency crisis
• Savings accounts with foreign banks like Shinhan, Citi Bank, and HSBC provide more security if the local banking system encounters difficulties. There will be some closures of small Vietnamese banks if there is a financial crisis.
• Cashews or Tulips: at least they are edible. Cryptocurrency has no intrinsic value, and cannot be used to make purchases, and you would have better luck exchanging a handful of cashews for a slice of bread.